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In Ohio, Estate Tax Filing Form ET-2. If deceased inherited

Resolved Question:

In Ohio, Estate Tax Filing Form ET-2. If deceased inherited CDs totaling $600k from 3 older friends that died in the previous couple of years and currently has a total of $610k value due to interest earned.. do I put these assets as Schedule C under bank accounts or do I list the CDs under Schedule E? If schedule E, what would be the value I would report, $610k or just the earnings of $10k?

Thank you
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

Lev :

Hi and welcome to our site!
Everything the decedent owned or considered as owned on the last day before passing away is included into his/her estate. That is regardless how specific assets were acquired - inherited or otherwise - as long as these CDs were owned by the decedent - they are part of the estate.
Bank CDs are reported on schedule C - you will report the total value of the CD at date of death (including accrued interest).


- http://www.tax.ohio.gov/portals/0/forms/estate/2006/ET_ScheduleC_FI.pdf
The earning is reported for income tax purposes, but for estate tax purposes - the total value of inherited assets is used.
If there are no other owners - no need to report on schedule E - that schedule is for Joint and Survivorship Assets - for instance for assets owned jointly with the spouse. As other friends died in the previous couple of years - they may not be considered as co-owners - and the decedent would be the only owner - thus, no need to file the schedule E.

Customer:

And the same would be true for any CDs or assets from deceased husband (died many years ago)?

Lev :

Yes - because these assets were owned by the decedent only at date of death.

Customer:

Thank you very much - I needed a third party opinion - the atty on file wants me to move them to Sch E

Lev :

You would only list them on schedule E if there are other living co-owners.
As all other co-owners passed away time ago - there are NO other co-owners at date of death.
So - I see no reason to use schedule E.

Customer:

Thank you for the quick answer

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22635
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you
Expert:  Lev replied 10 months ago.
For further information, I might also suggest to contact the Ohio Department of Taxation - Estate Tax Unit
Toll-free information and assistance line at _1_800_977_7711_
As you received contradicting suggestion - that might be helpful to clear your doubts.

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