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are Ohio Estate taxes deductible on Fomr 1041

are Ohio Estate taxes deductible on Fomr 1041
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Answered in 11 minutes by:
4/23/2013
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified

Anne :

Hi

Anne :

Thank you for using justanswer

Anne :

Yes, the OH state taxes are deductible on the form 1041

Customer:

Is that because it is NOT an inheritance tax?

Anne :

No, and I'm sorry, because I just misled you

Customer:

Are you changing your first answer?

Anne :

yes I am

Anne :

you calculate the tax based on a table that would tax the estate at the same rate as the individual

Anne :

However, the estate may take the following deductions:

Anne :

 


Only estates are entitled to the credits set forth in Schedule B of Ohio form IT 1041. These credits include the retirement


income credit, the senior citizen’s credit and the Ohio politi-cal contributions credit. Only estates are entitled to a resident


credit, and estates and trusts each have a different method of calculating the nonresident credit .

Customer:

My question is on the federal Form 1041. Do we have a misunderstanding of my question?

Anne :

You will want to go to the instructions found here:

Anne :

yes, we did.

Anne :

I apologize.......and before I give an answer, let me be sure its correct, ok?

Customer:

Thank You. XXXXX taxes deductible on the Federal Form 1041.

Anne :

Here are the taxes that you are allowed to deduct on the 1041

Anne :

 


Line 11—Taxes


 


Enter any deductible taxes paid or incurred during the tax year that are not deductible elsewhere on Form 1041. Deductible taxes include the following:


 




  • State and local income taxes. You can deduct state and local income taxes unless you elect to deduct state and local general sales taxes. You cannot deduct both.




  • State and local general sales taxes. You can elect to deduct state and local general sales taxes instead of state and local income taxes. Generally, you can elect to deduct the actual state and local general sales taxes (including compensating use taxes) you paid in 2012 if the tax rate was the same as the general sales tax rate. However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. Sales taxes on motor vehicles are also deductible as a general sales tax if the tax rate was more than the general sales tax rate, but the tax is deductible only up to the amount of tax that would have been imposed at the general sales tax rate. Motor vehicles include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans, and off-road vehicles. Also include any state and local general sales taxes paid for a leased motor vehicle.


    Do not include sales taxes paid on items used in a trade or business. An estate or trust cannot use the Optional Sales Tax Tables for individuals in the Instructions for Schedule A (Form 1040), Itemized Deductions, to figure its deduction.




  • State, local, and foreign real property taxes.




  • State and local personal property taxes.




  • Foreign or U.S. possession income taxes. You may want to take a credit for the tax instead of a deduction. See the instructions for Schedule G, line 2a, later, for more details.




  • The generation-skipping transfer (GST) tax imposed on income distributions.




 


Do not deduct:


 



 



 

Anne :

Notice that the estate tax is listed under the "non deductible" portion

Anne :

 


I understand that you may be disappointed by the Answer you received, as it may not necessarily be favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

Anne :

I must leave the forum for a while. I will check back and see if you have any further questions

Customer:

Thank You

Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Thank you for the accept and the positive feedback.

Please let me know if I can help you in the future.
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