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The basic Ohio estate tax is levied against the value of

The basic Ohio estate tax is levied against the value of 2025

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The document outlines the Ohio estate tax system, detailing the tax structure, rates, exemptions, and recent legislative changes. It describes how the tax is levied on resident and nonresident estates based on their gross value after deductions. Key updates include increased estate tax credits and changes in revenue distribution favoring local governments. The document also specifies filing requirements, deductions for family businesses, and various provisions related to estate administration.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the decedent's name and date of death in the designated fields. This information is crucial for establishing the estate's tax liability.
Next, calculate the gross estate value. Include all property owned by the decedent at the time of death, excluding any real or tangible personal property located outside Ohio.
Deduct allowable expenses such as funeral costs, outstanding debts, and charitable contributions from the gross estate to determine the net taxable estate.
Review applicable tax credits based on recent legislation, ensuring you apply any deductions for family-owned businesses if eligible.
Finally, submit your completed form electronically through our platform for a streamlined filing process.

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What assets are not subject to estate tax?

Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return.

How do you calculate the gross value of an estate for inheritance tax?

The gross value of the estate is the total value of all assets. It is the value of the estate before deducting mortgages, funeral expenses and debts. The net estate value is the gross estate minus liabilities, such as debts and funeral expenses, before Inheritance Tax exemptions have been applied.

What value will be used for estate tax purposes?

The gross estate of the decedent consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 PDF). The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them.

How much of an estate is free of inheritance tax?

As of 2021, this additional allowance is 175,000, and both the inheritance tax nil rate band and the residence nil rate band are frozen at these figures until April 2028. Therefore, on top of the inheritance tax threshold of 325,000, the total tax-free threshold is 500,000 or up to 1 million for a married couple.

When did Ohio get rid of inheritance tax?

Repeal of Estate Tax: The Ohio Estate Tax has been repealed for individuals dying on or after Jan. 1, 2013 (see House Bill 153, 129th General Assembly).

How much can you inherit without paying federal taxes?

While state laws differ for inheritance taxes, an inheritance must exceed a certain threshold to be considered taxable. For federal estate taxes as of 2024, if the total estate is under $13.61 million for an individual or $27.22 million for a married couple, theres no need to worry about estate taxes.

How does estate tax work in Ohio?

Ohio doesnt have an estate tax or an inheritance tax. Ohio repealed its estate tax in 2013. Before that, estates over $338,333 were taxed, but that rule no longer applies. As of 2025, no matter how much an estate is worth, Ohio wont tax it.

The basic Ohio estate tax is levied against the value of 2025

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What assets are not subject to estate tax?

How do you calculate the gross value of an estate for inheritance tax?

What value will be used for estate tax purposes?

How much of an estate is free of inheritance tax?

When did Ohio get rid of inheritance tax?

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How much can you inherit without paying federal taxes?

How does estate tax work in Ohio?

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The basic Ohio estate tax is levied against the value of 2025

Here's how it works

How to use or fill out The basic Ohio estate tax is levied against the value of with our platform

Complete this form in 5 minutes or less

Got questions?

What assets are not subject to estate tax?

How do you calculate the gross value of an estate for inheritance tax?

What value will be used for estate tax purposes?

How much of an estate is free of inheritance tax?

When did Ohio get rid of inheritance tax?

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People also ask

How much can you inherit without paying federal taxes?

How does estate tax work in Ohio?

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