IRS Form 706 (Schedule F) – IRS Form, Instructions, Pubs 2026

IRS Form 706 (Schedule F) – IRS Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return, requires executors to report the gross estate of U.S. citizens or residents dying in 2025 or later. Schedule F (Form 706) captures “Other Miscellaneous Property Not Reportable Under Any Other Schedule.” Attach it to Form 706 even if no values are entered in some cases (e.g., for certain portability-only filings).

The current version is Schedule F (Form 706) (Rev. August 2025), paired with Instructions for Form 706 (Rev. September 2025) for decedents dying after December 31, 2024. The basic exclusion amount for 2025 is $13,990,000 (inflation-adjusted annually).

Download the official Schedule F PDF here: https://www.irs.gov/pub/irs-pdf/f706sf.pdf. Always use the latest versions from IRS.gov/Form706.

What Is Schedule F Used For?

Schedule F reports assets includible in the gross estate that do not belong on Schedules A (real estate), B (stocks/bonds), C (mortgages/notes/cash), D (life insurance), E (jointly owned property), or others. It acts as a catch-all for miscellaneous tangible and intangible property.

Executors must complete and attach Schedule F with every Form 706 if such property exists (or to answer its questions, like safe deposit boxes). The total from Schedule F, Line 7 flows to Form 706, Part V (Recapitulation), line 6.

Note: For portability-only filings (DSUE election) where the gross estate + adjusted taxable gifts < basic exclusion amount, full valuation of certain marital- or charitable-deductible assets may not be required. Identify the property but leave the last three columns (alternate value, date-of-death value) blank, or use estimates on Part V as directed.

Types of Property Reported on Schedule F

Common examples include (not exhaustive; see instructions for full list):

  • Household goods and personal effects — Furniture, furnishings, clothing, wearing apparel, jewelry (if not part of a larger collection), vehicles, boats.
  • Works of art, collectibles, and items — Stamps, coins, books, statuary, vases, oriental rugs, furs, silverware, etc., especially if artistic/collectible value > $3,000 at death.
  • Digital assets — Cryptocurrencies, NFTs, stablecoins, virtual currencies, or other digital representations of value on cryptographically secured distributed ledgers or similar technology. Value at fair market value (FMV) on date of death (or alternate valuation date).
  • Business interests — Partnerships, LLCs, unincorporated businesses, sole proprietorship assets (including real estate described like Schedule A), close corporation stock (unless reported elsewhere). Attach asset/liability statements, net earnings for 5 prior years + valuation date, EIN, and goodwill valuation.
  • Farm-related items — Growing crops, livestock, farm machinery, automobiles (if qualifying).
  • Financial/claim items — Debts owed to decedent (not notes/mortgages on Schedule C), income tax refunds/claims, royalties, leaseholds, judgments, reversionary/remainder interests.
  • Other — Insurance on the life of another (attach Form 712), Archer MSAs or HSAs (unless passing to surviving spouse), Section 2044 property (e.g., QTIP from prior spouse’s estate), shares in trust funds (attach trust instrument), certain annuities or insurance not on other schedules.

Safe deposit box contents must be disclosed (even if reported elsewhere or omitted, with explanation).

Bonuses or awards receivable by the estate, spouse, or others due to decedent’s employment or death.

Section 2044 property (QTIP or similar) is included at full value and may qualify for marital/charitable deductions.

Cross-reference if property partially overlaps other schedules (e.g., jointly owned on Schedule E).

Line-by-Line Guide to Completing Schedule F

Answer the preliminary questions and complete Line 4 for reportable items:

  1. Works of art, items, or collections with artistic/collectible value > $3,000 at death? If Yes, complete Line 4 and attach appraisals (expert under oath + appraiser qualifications per Reg. § 20.2031-6(b)).
  2. Bonuses or awards receivable due to employment/death? If Yes, complete Line 4.

3a–3d. Safe deposit box questions: Location, joint depositor (name + relationship), explanation if contents omitted.

  1. List all items:
    • (i) Item number
    • (ii) Description (detailed; include location, ownership, liens; for Section 2032A property, note “Section 2032A valuation”)
    • (iii) CUSIP (securities) or EIN (trusts, partnerships, closely held entities)
    • (iv) Alternate valuation date (if elected under §2032)
    • (v) Alternate value
    • (vi) Value at date of death (FMV)
  2. Total of column (v) alternate values (if applicable).
  3. Total from attached Schedule(s) W (Form 706) or additional statements (for continuation).
  4. Total (Line 5 + Line 6). Enter on Form 706, Part V, line 6.

If more space is needed, use Schedule W (continuation) or statements.

Valuation Rules and Appraisals

  • Use FMV at date of death or alternate valuation date (if elected on Form 706, Part III).
  • Appraisals required for art/collectibles > $3,000; professional valuations recommended for jewelry, businesses, digital assets, etc.
  • Discounts (lack of control, marketability) possible for business interests/partial holdings; attach detailed statement if Part IV, line 11b question answered Yes (effective discount % example provided in instructions).
  • For businesses: Include goodwill; value per Regs. §§ 20.2031-2/3.
  • Consistent basis reporting: File Form 8971/Schedule A with beneficiaries if required.

Section 2032A special-use valuation: Complete Schedule F and Schedule T if electing for qualified farm/business property on F.

Special Situations

  • Decedent was surviving spouse → Include Section 2044 QTIP property at full value (may qualify for deductions).
  • Portability (DSUE election) → Consider reduced reporting requirements for marital/charitable assets if filing solely for portability and under exclusion amount. Identify property; use estimates or blanks as allowed.
  • Installment payments (§6166) or other elections may interact if business interests are large (>35% of adjusted gross estate).

Common Mistakes and Filing Tips

  • Forgetting to answer Lines 1–3 or disclose safe deposit boxes.
  • Inadequate descriptions or missing EIN/CUSIP.
  • Failing to attach appraisals, trust instruments, Form 712, or business statements.
  • Not cross-referencing other schedules or using continuation sheets.
  • Using outdated form versions (always check IRS.gov for revisions).
  • For digital assets: Ensure secure access/wallets are inventoried; value accurately (market prices on death date).
  • File within 9 months of death (extensions possible); pay electronically when possible.

Resources

Consult a qualified estate tax professional, attorney, or CPA for your specific situation, as estate tax rules are complex and valuations often require expertise. IRS forms and instructions are authoritative but subject to updates—verify the latest at IRS.gov. This article is for informational purposes based on current (2025/2026) IRS publications.

By understanding Schedule F, executors ensure complete reporting of miscellaneous estate property, helping avoid penalties and properly calculate any estate or GST tax liability.