What is the inheritance tax in Ohio?

Answer by  patti (29325)

Ohio's schedule is very similar to the one used by the federal government. It is graduated. For estates valued at $338,333 - $500,000, tax is $13,900 and 6% for the excess over $338,333. Estates valued at more than $500,000, tax is $23,600 and 7% of the excess over $500,000.

Answer by  y3636363 (1380)

I'm not really sure what it is. But I did some research for you. And you are right every state does have a different tax. In the area of Ohio the tax is actually 6% if the value of the property is up to 500 grand but if it is more than that than it is 7%.

Answer by  okcmouseketeer (779)

Ohio doesn't have a true inheritance tax. Instead they have an estate tax instead that is he basic Ohio estate tax is levied against the value of a resident decedent's gross estate less deductions and exemptions. The typical tax rate for estates passed to family members is 4.5%, when passed to family friends the rate is trypically around 10%.

Answer by  raemwing (40)

A graduating tax based on gross value of estate (over $338,333) being transferred. Executor or administrator of estate has up to 15 months to file ET Forms 2, 5, and 22 with the Probate Court in decedent's residing county at time of death. Submit duplicates with tax payment to that county's Auditor's office. Penalties apply after 15 months.