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Estate tax return: When do I need to file Form 706?

Yahoo Finance

When do I need to file Form 706, estate tax return? Robert 'Bob' Powell answers this question as part of Decoding Retirement's special segment, Ask Bob.

Mitlin Financial founder and wealth advisor Lawrence Sprung joined Robert 'Bob' Powell on Decoding Retirement to discuss the latest inflation numbers, the Tax Cuts and Jobs Act (TCJA), the current housing market, "finfluencers" and AI's impact on personal finance, and much more.

Question:

When do I need to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return?

Answer:

You need to file an Estate Tax Return (Form 706) if the total value of everything the deceased person owned, plus their taxable gifts and any gift tax exemptions they used, is higher than the filing limit for the year they passed away.

The filing limit for 2024 is $13,610,000. And 4,000 people had to file that form in 2023. So, only the estimated number of total and taxable estate tax returns are 7,600 and 3,900 for 2022, and 7,100 and 4,000 for 2023. And given that there were 3 million deaths in the US in 2023, your odds of having to file such a return are quite small, 750 to 1.

If you've got questions about money or retirement, email us at AskBob@yahoofinance.com.

Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now!

Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Zach Faulds and Alexander Frangeskides.

Find more episodes of Decoding Retirement at https://finance.yahoo.com/videos/series/decoding-retirement.

Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.

Editor's note: This post was written by Zach Faulds.

Transcripción del vídeo

Up now is ask Bob, where we answer reader questions.

The reader recently asked this if they need to file the form 706 estate tax return.

And the answer is this, you need to file an estate tax return.

If the total value of everything the deceased person own, plus their taxable gifts and any gift tax exemptions they used is higher than the filing amount or filing limit for the year.

They passed away.

The filing limit for 2024 is $13 million 610,000 dollars and only 4000 people had to file that form in 2023 which and of the 3 million people who died in 2023 that means the odds of you having to file such a return is 750 to 1.