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
Q: Will either the Qualified Farm Use (CAUV) or the
Qualified Terminable Interest Property (QTIP) elections be lost if the
decedentís 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 decedentís date of
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
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
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