Massachusetts IRS Form 706 Appraisers

Can AppraiseItNow handle IRS Form 706 appraisals in Massachusetts?

Yes, AppraiseItNow provides IRS Form 706 appraisals for estates in Massachusetts, covering both resident and nonresident decedents with assets subject to the state's estate tax. Our appraisers are experienced with Massachusetts-specific filing requirements, including the July 1999 Form 706 attachment required with Form M-706.

What types of assets can be appraised for estate tax purposes in Massachusetts?

AppraiseItNow appraises a wide range of assets for IRS Form 706 filings, including vehicles, personal property, equipment, artwork, collectibles, business interests, and inventory. Each appraisal is prepared to meet federal and Massachusetts valuation standards.

Are your IRS Form 706 appraisals USPAP compliant?

Yes, all appraisals prepared by AppraiseItNow follow the Uniform Standards of Professional Appraisal Practice (USPAP), which is required for estate tax appraisals submitted to the IRS and Massachusetts Department of Revenue. Our reports are structured to satisfy qualified appraisal standards under federal and state guidelines.

Why would someone in Massachusetts need an IRS Form 706 appraisal?

Massachusetts imposes its own estate tax with a $2 million threshold, which is significantly lower than the 2025 federal exemption of approximately $13.99 million. This means many Massachusetts estates that owe no federal estate tax still require a completed IRS Form 706 and supporting appraisals to satisfy state filing obligations under Form M-706.

Can I get an estate tax appraisal done remotely if I'm in Massachusetts?

Yes, AppraiseItNow offers remote and online appraisal services for Massachusetts estates. Many asset types can be appraised using submitted documentation, photographs, and records without requiring an in-person visit.

How is pricing determined for an IRS Form 706 appraisal?

Fees depend on the asset type and scope of the assignment. Visit our pricing page for ranges or contact us.

How long does it take to complete an estate tax appraisal in Massachusetts?

Turnaround times vary by asset type:

• Vehicles: 3 to 5 days
• Personal property and equipment: 7 to 10 days
• Artwork: 5 to 7 days for simple projects, 2 to 3 weeks for complex assignments
• Business valuations: 2 to 4 weeks
• Inventory: 2 to 4 weeks

Who prepares the appraisal reports at AppraiseItNow?

Reports are prepared by credentialed appraisers with relevant expertise in the asset category being valued. Each appraiser meets the IRS definition of a qualified appraiser and is experienced with estate tax documentation requirements.

Are there Massachusetts-specific rules that affect how IRS Form 706 appraisals are filed?

Massachusetts requires estates with a gross value exceeding $2 million to file Form M-706 along with a completed July 1999 revision of IRS Form 706, regardless of whether federal estate tax is owed. The state's estate tax is frozen under the Internal Revenue Code as of December 31, 2000, which is why this older form version is required rather than the current federal edition.

What information do I need to provide to get started?

To begin, it helps to gather a list of the decedent's assets, the date of death, any existing ownership records or prior appraisals, and relevant financial or registration documents. For Massachusetts filings, deed registry details and title numbers for any property parcels are also useful to have on hand.

Will an AppraiseItNow appraisal be accepted by the IRS and Massachusetts tax authorities?

Yes, our appraisals are prepared to meet IRS qualified appraisal standards and the documentation requirements of the Massachusetts Department of Revenue. Reports include the methodology, valuation date, and appraiser credentials needed for acceptance with both IRS Form 706 and Form M-706.

Why does Massachusetts require the July 1999 version of IRS Form 706 instead of the current federal form?

Massachusetts decoupled its estate tax from the federal system, freezing its rules under the Internal Revenue Code as of December 31, 2000. Because Form M-706 references schedules and computations from that era, the July 1999 revision of IRS Form 706 must be attached to every Massachusetts estate tax filing, even when a current federal form is also required.

What happens if the IRS adjusts the valuations on a federal Form 706 after it has already been filed?

Any federal adjustment triggers an obligation to file an amended Massachusetts Form M-706, along with an updated July 1999 IRS Form 706, within 2 months of receiving the federal closing letter. Massachusetts will not issue a lien release or state closing letter until the amended filing is complete and the updated valuations are reviewed.

How does Massachusetts handle estate tax filings for nonresidents who owned assets in the state?

Nonresidents with Massachusetts property must file Form M-NRA along with Form M-706 and the July 1999 IRS Form 706, reporting the gross fair market value of all assets with an actual situs in Massachusetts as of the date of death. No mortgage deductions are permitted against gross values for nonresidents, and the state death tax credit is prorated based on the share of the estate located in Massachusetts.

What are the deadlines and penalties associated with IRS Form 706 appraisals in Massachusetts?

Both Form M-706 and the attached July 1999 IRS Form 706 are due 9 months after the decedent's date of death. Massachusetts imposes a 1% monthly penalty on unpaid tax up to a maximum of 25%, and extensions for litigation are available through Form A-37, renewed annually.

What documentation is needed to release an estate tax lien on Massachusetts property?

Part 7 of Form M-706 must be fully completed for each parcel, including deed registry details, book and page numbers, and title numbers. A copy of the recorded deed, certificate of title, or probate instrument must also be submitted, and failure to provide these specifics will delay issuance of the Certificate Releasing Massachusetts Estate Lien on Form M-792.