Filing Requirements

Filing Requirements Questions and Answers

Interest Rates for Personal Property and Estate Tax
Reminder

Tax Commissioners News Release

• Due Date for Filing an Estate Tax Return - Nine months after the date of death
• Consents to transfer Assets (bank accounts, stocks, bonds, et cetera) need to be obtained before the assets may be closed, sold, or otherwise transferred. Assets and accounts worth less than $25,000 do not need a release.
• No release is necessary for assets held jointly between husband and wife, nor for obligations of the United States of America, such as Saving Bonds.
• Requests for extensions to file the estate tax return must be sent directly to the Ohio Department of Taxation, Estate Tax Division.

	   

	   		  

			  

			  
			  

			  		 

					 			

								
								ISSUED:  DECEMBER 6, 2000
								
								
					 
			  
			 
			 

 
QUESTIONS AND ANSWERS - ESTATE TAX POLICY CHANGES




Q:    Although there is no longer an inventory required of safe
deposit boxes, is the county auditor still expected to issue a tax release
and/or be present at the opening of the safe deposit box of a decedent?
A:    No.  A formal tax
release is not needed to release the contents of a safe deposit box and the
county auditor will no longer be present for the opening of a safe deposit box for
estate tax purposes, whether or not requested to by the bank or estate
representatives.

Q:    Is an inventory of the safe deposit box required in the
process of establishing a guardianship?

A:    Yes.  Section2111.14(F) ORC does not permit a guardian
access to the safe deposit box of the ward until the contents of the box have
been inventoried by the county auditor’s office. This statutory requirement is not affected by the new estate tax
policy changes.

Q:    Can the county auditor continue to use the E.T. Form 15? 

A:    Once this new policy takes effect on January 1, 2001, the
E.T. Form 15 will be obsolete and the tax commissioner will no longer supply
this form.  The county auditor may use their
supply or create a new form when doing guardianships for the probate court.


Q:    Must the financial institution make a written record if
the will, insurance papers, or deeds to cemetery plots are removed pursuant to
Section 5731.39(F)ORC?

A:    No.  Since the tax
commissioner has waived the inventory requirement, there is no longer a need
for a written record of the removal of these items for estate tax purposes.


Q:    Does the new tax release policy affect current procedure
regarding assets passing to a surviving spouse or assets held in trust?

A:    No. Tax releases are still not required for assets that
are passing to the surviving spouse alone.  Tax releases will continue to be required where any trust exceeds
$25,000.


Q:    Will either the Qualified Farm Use (CAUV) or the
Qualified Terminable Interest Property (QTIP) elections be lost if the
decedent’s estate tax return is filed after nine months but prior to fifteen
months from date of death?

A:     No. Effective for dates of death on or after January 1,
2000, every estate will receive an automatic six-month extension of time to file
the state tax return.  Consequently, all
elections will be accepted up to fifteen months after the decedent’s date of
death.


Q:    Can additional six-month extensions of time to file be
obtained and, if so, how?


A:    Yes.  Additional
six-month extensions of time to file can be requested on the current E.T. Form 24 
(Application for Extension of Time to File the Ohio Estate tax Return). The extension request must be received by
the Estate Tax Division no later than fifteen months from the date of death in
order to be approved.


Q:     Does the automatic six-month extension of time to file in
any way affect the extension of time to pay estate tax due to undue hardship?


A:    No.  The automatic
six-month extension of time to file and the extension of time to pay are
separate and distinct.  In order to
receive an extension of time to pay, the Estate Tax Division must receive a completed
E.T. Form 41 (Application For Extension of Time to Pay Ohio Estate Tax) no
later than 45 days prior to nine months from the date death.


Q:    Is interest owing on late payment of estate tax in any way
affected by the automatic six-month extension of time to file?

A:    No.  Interest on any
estate tax due will continue to be calculated nine months from the date of
death regardless of whether the estate utilizes the automatic or additional
extensions.


Q:    Will nonresident decedents receive the automatic
six-month extension of time to file?

A:    Yes.  The
automatic six-month extension to file applies to both resident and non-resident
estates.
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