Updated October 18, 2026. Quick answer: Part V of Form 706-NA lists the assets of the decedent that are located in the United States and their values. It opens with the alternate valuation question, then uses columns (a) to (f) for each asset. The descriptions come from deeds, brokerage statements and other records, and the line 3 total feeds Part IV.
What belongs on Part V
“Before you complete Part V, you must determine what assets are included in the decedent’s entire gross estate, wherever located.” “However, list on Part V only those assets located in the United States.” “Enter the total value of assets located outside the United States on line 2 of Part IV.” The test has two parts: “Enter on Part V all of the assets that meet both of the following tests.” “They are included in the entire gross estate.” “They are located in the United States.” Part IV is covered on the Part IV page.
Which property is located in the United States
“use the following rules to determine whether assets are located in the United States.” On real estate: “Real estate and tangible personal property are located in the United States if they are physically located there.”
On stock: “stock of corporations organized in or under U.S. law is property located in the United States, and all other corporate stock is property located outside the United States.” On life insurance: “Proceeds of insurance policies on the decedent’s life are property located outside the United States.”
On timing: “If an asset is included in the total gross estate because the decedent owned it at the time of death, apply the above location rules as of the date of the decedent’s death.” Other kinds of property have their own rules in the instructions, which this page does not repeat.
Line 1: the alternate valuation question
Line 1 asks “Do you elect to value the decedent’s gross estate at a date or dates after the decedent’s death”. The form says “complete all columns.” for yes, and for no: “complete columns (a), (b), (c), and (f); leave columns (d) and (e) blank.”
The instructions say “Generally, property must be valued as of the date of death. Columns (d) and (e) do not apply in this case.” “If you do so, the election applies to all property, and you will need to complete each column in Part V.” “Any property not disposed of during that period is valued as of the date 6 months after the decedent’s death.” “may not elect alternate valuation unless the election will decrease both the value of the gross estate and the net estate tax due after application of all allowable credits.” The related alternate valuation date page explains the election on Form 706.
What to enter in columns (a) to (f)
The column captions are “Description of property and securities”, “For securities, give CUSIP number”, “Alternate valuation date”, “Alternate value in U.S. dollars” and “Value at date of death in U.S. dollars”. Column (a) is the item number. The form says “Show amounts in U.S. dollars.” and “Attach additional sheets, if necessary.”
“Describe the property on Part V in enough detail to enable the IRS to identify it.” For stock the instructions list “The corporation’s name;” and “The number of shares;”. On the CUSIP number: “Usually, the CUSIP number is printed on the face of the stock certificate.” “If you do not have a stock certificate, the CUSIP number may be found on the broker’s or custodian’s statement or by contacting the company’s transfer agent.”
If you file Schedule E, G, or H from Form 706: “you do not need to enter the assets reported on those schedules on Part V of this Form 706-NA.” “attach the schedules to Form 706-NA, in column (b) enter” the total as the instructions direct, and “enter the total values from the attached schedules in either column (e) or (f).”
Lines 2 and 3: totals
Line 2 is “Total from attachment, if necessary”. Line 3 is “Total. Add all amounts from column (e) or column (f), as applicable. Enter here and on Part IV, line 1”.
Where it goes next
The line 3 total goes to Part IV line 1, captioned “Gross estate in the United States. Part V, line 3”. The instructions describe the sequence: “Reduce the Part V total by the allowable deductions to derive the taxable estate”. The overall return is on the Form 706-NA page.
Edition and line numbers
This page reads the Form 706-NA revision dated August 2025 and the Instructions for Form 706-NA revision dated September 2025. Those are the current files irs.gov served on 2026-10-18. The form’s own caption reads “(Rev. August 2025)” and it states “To be filed for decedents dying after December 31, 2024.” Check the revision date printed on your own Form 706-NA and use that revision’s line numbers, because a different revision can number or word its lines differently.
Common mistakes
- Listing foreign assets on Part V. The instructions say “list on Part V only those assets located in the United States.”
- Checking Yes on line 1 and filling only some columns. The form says “complete all columns.”
- Checking No but filling columns (d) and (e). The form says “leave columns (d) and (e) blank.”
Related: Form 706-NA, alternate valuation date, Form 706 Schedule B, Form 706 Schedule E, and Form 706-NA Part IV.
Sources
- Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return, Estate of Nonresident Not a Citizen of the United States (Rev. August 2025): https://www.irs.gov/pub/irs-pdf/f706na.pdf
- Instructions for Form 706-NA (Rev. September 2025): https://www.irs.gov/pub/irs-pdf/i706na.pdf
Read from the IRS documents linked above on October 18, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the account provider or the IRS is the right place to confirm anything consequential.