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Estate tax and Form 706

SEE 1 Chapter 23 · IRS outline 6A1, 6A2, 6A3, 6A4, 6A5

Few estates owe federal estate tax, because the 2025 exclusion is $13.99 million per person, but the SEE tests the system in detail: what's in the gross estate, how joint property is counted, which deductions apply, how the marital deduction and portability let couples pass $28 million or more tax-free, and which returns are due when. Nadia's client Walter Grant died in March 2025 with a large estate, and Rose's sister Ellen died in 2024, leaving her husband Bill a question about portability.

In this chapter

1. The gross estate
2. Jointly held property
3. Deductions and computing the estate tax
4. The marital deduction and portability
5. Life insurance, IRAs and retirement plans in the estate
6. Filing requirements, due dates and the estate's income tax return

This chapter has 6 lessons and 66 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Gross and taxable estate
• unified credit
• jointly held property
• marital deduction and portability
• life insurance and retirement accounts
• Forms 706 and 1041

Chapter 22: Advising the individual taxpayer · Chapter 24: Gift tax, GST and Form 709