Is there an extension for form 706?

Automatic extension. An executor may apply for an automatic 6-month extension of time to file Form 706, 706-A, 706-NA, or 706-QDT. Unless you are an executor who is out of the country (see below), the automatic extension of time to file is 6 months from the original due date of the applicable return.

Do you have to file form 706 to get a step up in basis?

Form 706 must generally be filed along with any tax due within nine months of the decedent’s date of death. 3 However, not every estate needs to file Form 706. It depends on the value of the estate. Supplemental forms, such as 706-A, 706-GS(D-1), 706-NA, or 706-QDT, may also need to be filed.

What is the penalty for filing form 706 late?

Under Section 6651(a)(1), for every month that a federal estate tax return is late, the IRS must impose a penalty of 5 percent of the tax due, up to a limit of 25 percent, unless it’s shown that the failure to timely file is “due to reasonable cause and not due to willful neglect.”

How do I file an estate tax extension?

Use Form 4768 to: Apply for an automatic 6-month extension of time to file Form 706, Form 706-A, Form 706-NA, or Form 706-QDT. Apply for a discretionary (additional) extension of time to file Form 706 (Part II of Form 4768).

What is the due date for Form 706?

Generally, taxpayers file Form 706 to report estate and/or Generation Skipping Tax (GST) within 9 months after the date of the decedent’s death. If unable to file Form 706 by the due date, the taxpayer may request a 6-month extension of time to file by filing Form 4768.

How do I report a step-up in basis?

Schedule D is where any capital gain or loss on the sale is reported. A gain or loss is based on the step up in basis if applicable. Form 8949 is where the disposition of the property is reported. It contains details such as the date acquired, date sold, and description of the asset.

Can you file an extension for an estate tax return?

An application for an extension of time to pay estate tax applied for after the estate tax due date will generally not be considered by the IRS. File a separate Form 4768 for each return for which you are requesting an extension of time to file. Check the appropriate form number in Part II of Form 4768.

Is there a penalty for late filing of Form 709?

A penalty is usually charged if your Form 709 is filed after the due date (including extensions). It is usually 5% of the tax not paid by the original due date for each month or part of a month your return is late. The maximum penalty is 25%. You might not owe the penalty if you have reasonable cause for filing late.

Can you amend Form 706?

Amending Form 706 If you find that you must change something on a return that has already been filed, you should: File another Form 706; Enter “Supplemental Information” across the top of page 1 of the form; and. Attach a copy of pages 1, 2, 3, and 4 of the original Form 706 that has already been filed.

How do I file an extension for an estate tax return?

When Must Form 706 be filed electing portability?

The executor must file Form 706 within nine months of the date of death. A six month extension is allowed. But if Form 706 is filed to elect portability only, the executor can file anytime prior to the second anniversary of decedent’s date of death.