Tag: federal estate tax

Estate Tax for Ohio Residents

Ohio Estate Tax

The Ohio Estate Tax was repealed via House Bill 153 for decedents who die on or after January 1, 2013.  For decedents who pass away prior to that date the Ohio Estate tax applies to gross estates over $338,333. 

The gross estate includes Ohio real estate, bank accounts, stocks, bonds, tangible personal property, trust assets, business interests, and life insurance proceeds paid to the estate. Expenses of the estate like funeral expenses, attorney and administrator/executor expenses, real estate taxes, etc. reduce the taxable estate. 

Although an executor or administrator… Read the rest