Rev. August 2019
Form 706-A is a U.S. tax form used to report transfers of property from decedents to beneficiaries, including special use valuation, involuntary conversions or exchanges, and dispositions to family members. The form also calculates potential estate taxes owed.
Form 706-A requires information about the donor or decedent, the property received, and the value of the property. It also requires information about any prior gifts or bequests made by the same donor to the same recipient within a certain time period.
Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) is used to report an estate tax return, while Form 706-A (United States Gift (and Generation-Skipping Transfer) Tax Return) is used to report certain gifts or bequests that are not readily valued in money.
Form 706-A is used to report gifts or bequests of certain types of property that are not readily valued in money. It's also used to report cessation of a qualified use of real property and to elect special valuation rules under the Internal Revenue Code.
Penalties for not filing Form 706-A on time include failure-to-file and failure-to-pay penalties, which can add up to significant amounts over time.
The deadline for filing Form 706-A depends on the value of the estate or gift being reported. For estates and gifts subject to estate tax, the deadline is generally nine months after the date of death, but an extension may be obtained. For gifts that are not subject to estate tax, the deadline is typically within 65 days of the gift.
Form 706-A is filed by the person who has received a gift or inheritance that requires reporting, including trustees and executors of estates.
Form 706-A is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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