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.
This document maintained by The Hamilton County Auditor's Office.