Estate Taxes - Ohio Estate Tax is Ending
The Ohio Estate Tax has been repealed effective January 1, 2013. The effect is that there will be no estate tax on estates of individuals who died on or after January 1, 2013. This legislative change occurred with the passage of the 2012-2013 Budget Bill, HB153. Also, House Bill 508, 126th General Assembly, eliminated the requirement, with respect to decedents dying on or after January 1, 2013, that written permission be obtained from the Tax Commissioner before certain assets of a decedent may be transferred to another person. Therefore, no consent to transfer forms or tax waiver forms need to be prepared or filed for transfers of assets belonging to individuals who died on or after January 1, 2013.
Ohio Estate Tax is still in effect for individuals dying prior to January 1, 2013 who have a gross estate greater than $338,333.00. For estates in which the decedent has a date of death prior to January 1, 2013 and asset accounts with a value greater than $25,000 per account, the tax commissioner still requires the filing of an Application for Consent to Transfer Property of a Resident or nonresident Decedent, or Application for Consent to Transfer the Proceeds of Insurance Contracts, Employer Death Benefits and Retirement Plans for Resident and Nonresident Decedents.
Please note, tax release forms/inheritance tax waiver forms are not required to be obtained in instances in which the assets are passing to a surviving spouse alone, regardless of the dollar amount.
It is strongly recommended that an attorney be retained to prepare all tax forms.
For more information, please visit the Ohio Department of Taxation website at www.tax.ohio.gov then select individual, and select Estate Tax.
Information on this site is believed to be accurate but not guaranteed. The Defiance County Auditor disclaims any liability for errors or omissions.