Form Sch C Sch C Mortgages, Notes, and Cash

Form 706 (Rev. 9-2009)

Decedent’s Social Security Number

Estate of:

SCHEDULE C—Mortgages, Notes, and Cash
(For jointly owned property that must be disclosed on Schedule E, see the instructions for Schedule E.)
Item
number

Description

Alternate
valuation date

Alternate value

Value at date of death

1

Total from continuation schedules (or additional sheets) attached to this schedule
TOTAL. (Also enter on Part 5—Recapitulation, page 3, at item 3.)
(If more space is needed, attach the continuation schedule from the end of this package or additional sheets of the same size.)
(See the instructions on the reverse side.)

Schedule C—Page 13

Form 706 (Rev. 9-2009)

Instructions for Schedule C—
Mortgages, Notes, and Cash
Complete Schedule C and file it with your return if the
total gross estate contains any:
● Mortgages,
● Notes, or
● Cash.
List on Schedule C:
● Mortgages and notes payable to the decedent at
the time of death.
● Cash the decedent had at the date of death.
Do not list on Schedule C:
● Mortgages and notes payable by the decedent. (If
these are deductible, list them on Schedule K.)
List the items on Schedule C in the following order:
1. Mortgages;
2. Promissory notes;
3. Contracts by decedent to sell land;
4. Cash in possession; and
5. Cash in banks, savings and loan associations,
and other types of financial organizations.
What to enter in the “Description” column:
For mortgages, list:
● Face value,
● Unpaid balance,
● Date of mortgage,
● Name of maker,
● Property mortgaged,
● Date of maturity,
● Interest rate, and
● Interest date.

Schedule C—Page 14

Example to enter in “Description” column:
“Bond and mortgage of $50,000, unpaid balance:
$17,000; dated: January 1, 1992; John Doe to Richard
Roe; premises: 22 Clinton Street, Newark, NJ; due:
January 1, 2012; interest payable at 10% a
year—January 1 and July 1.”
For promissory notes, list in the same way as
mortgages.
For contracts by the decedent to sell land, list:
● Name of purchaser,
● Contract date,
● Property description,
● Sale price,
● Initial payment,
● Amounts of installment payment,
● Unpaid balance of principal, and
● Interest rate.
For cash in possession, list such cash separately from
bank deposits.
For cash in banks, savings and loan associations, and
other types of financial organizations, list:
● Name and address of each financial organization,
● Amount in each account,
● Serial or account number,
● Nature of account—checking, savings, time
deposit, etc., and
● Unpaid interest accrued from date of last interest
payment to the date of death.
Note. If you obtain statements from the financial
organizations, keep them for IRS inspection.