Recently, Ohio eliminated the Ohio estate tax. The estates of individuals who die after January 1, 2013 will not be subject to the Ohio estate tax. (more…)
Posts Tagged ‘Ohio estate tax’
Recently, a reader shared with us that she inherited property in both Ohio and Florida. She had a pretty specific question related to the value of the Ohio property. That question made me think there may be more people who don’t know how to handle newly inherited property for estate tax purposes. Hence, I’m going to provide some general estate information I hope will help.
According to Ohio law, “the value of any property included in the gross estate shall be the price at which such property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.”
Now, let me put that in simpler terms. If there is real estate in an estate, then you need to claim its fair value. That value is the amount the property would sell for assuming both the buyer and seller know about the property and neither was pressured to either buy or sell. (more…)
Ohio’s Use Tax Amnesty Program has been big news. We’ve been happy to help businesses across Ohio take advantage of the Use Tax Amnesty Program, perhaps the most business-friendly tax program in Ohio’s history. Businesses have been able to take care of outstanding use tax liabilities, open a use tax account, and start themselves off with a clean slate with the Ohio Department of Taxation. (more…)