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When a person dies and leaves behind an inheritance, an inheritance tax form needs to be filed with the Internal Revenue Service (IRS). The best source for free estate tax information is the IRS website, at IRS.gov.
IRS.GOV
At the IRS site, you can perform a keyword search to find the forms required to complete a federal estate tax return. The return is filed on IRS Form 706 United States Estate. The form is required of all recipients that received inheritance from an estate valued at more than $2,000,000. The value of a deceased person’s estate is determined by the net amount adjusted for any gifts and exempt amounts up to $2,000,000.
Online Tax Preparation Software
Online tax preparation software provided by Intuit (TurboTax) and TaxAct can also assist in the preparation of an electronic version of Form 706. These software programs are typically free to use and can assist in applying the rules and instructions provided in Publication Inst 706 provided by the IRS. A note to any individual who is filing a 706 return: seek the advice and counsel of a qualified tax preparer or professional because tax rules can be complicated and you do not want to end up in tax trouble.
