Bearing
Estate valuation deadlines
Estate Valuation Deadline Checklist — 706/709 filings
The deadlines that drive real-estate valuation on estate and gift tax files. General deadlines, not tax advice — verify against current IRS guidance for your filing.
Form 706 (estate tax)
- Due 9 months after date of death. The master clock.
- 6-month extension via Form 4768 — extends filing, not payment. Tax is still due at 9 months.
- Real estate reported at fair market value as of the date of death (or the alternate date).
Alternate valuation — §2032
- Value as of 6 months after death (or earlier disposition).
- All-or-nothing, and only if it lowers both the gross estate and the tax.
- If you might elect it, you need two retrospective values. Tell the appraiser up front.
Form 709 (gift tax)
- Due April 15 of the year after the gift (moves with a 1040 extension).
- Gifts of real property need a qualified appraisal to substantiate value and start the statute of limitations.
Portability & step-up basis
- Portability of unused exclusion is elected by filing a 706.
- If no 706 is otherwise required, Rev. Proc. 2022-32 allows a late election up to 5 years after death.
- Heirs get a stepped-up basis to date-of-death value — a retrospective appraisal is the record at later sale.
When to order the appraisal
- Early. Inspection access is the long pole, not the analysis.
- Retrospective effective dates are standard — valuing as of a past date is normal practice.
- Confirm the effective date (date of death, alternate date, or gift date) with the appraiser in writing.