TO: All County Auditors and Probate Courts
FROM: Estate Tax Division
RE: Administrative Changes
DATE: December 6, 2000
I. CHANGES EFFECTIVE ON JANUARY 1, 2001 REGARDLESS OF THE DATE OF DEATH OF THE DECEDENT
The tax commissioner will no longer require the inventory of a safe deposit box upon the death of the owner, co-owner or any other person having access to the box. This includes self-storage boxes currently in use by several financial institutions or any other receptacle that may be deemed a “safe deposit box” under any definition or policy manual. This policy change applies to both resident and non-resident decedents of the State of Ohio.
Tax Release Requirements
Due to the increased threshold for filing, Applications for Consent to Transfer Property of a Resident or Non-Resident Decedent will no longer be required for assets equal to $25,000 or less per account.
Any additional six-month extensions must be requested in writing on the E.T. Form 24 prior to the expiration of the 16-month deadline. This can be done via facsimile, hand-delivery, or mailed directly to the Estate Tax Division.
Interest on any estate tax due will calculated from nine months from date of death regardless if the estate utilizes the automatic or additional extensions.
Elections for Qualified Farm Use (CAUV) and Qualified Terminable Interest Property (QTIP) will be accepted up to 15 months after the date of death. Any returns not filed prior to that deadline that do not have an additional, approved extension of time to file will not qualify for those elections.
As these are significant changes in policy, we have prepared and attached a Question and Answer handout, with a short cover sheet. Please make copies and have these available to the local practitioners, taxpayers and financial institutions. The Q and A’s may be duplicated and used as verification of these new policies for any purpose and given to anyone who had questions.
We thank you for you continued cooperation in all estate tax matters and hope that these changes will help to increase efficiency and relieve any burdens that may be presented by the current procedure. If you have any questions, please call the Estate Tax Division at 1-614-895-5710 or toll free at 1-800-977-7711.
This document maintained by
The Hamilton County