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I live in Ohio and I expect to receive some inheritance

money this year. Will I...
I live in Ohio and I expect to receive some inheritance money this year. Will I have to pay any taxes in that money?
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6/23/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. My response will e provided to you in the next thread.

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In brief, the answer to your question is no, you will not have to report the inheritance on the federal or the state side. The federal does not impose tax on inheritance and the state of Ohio does not impose a tax on an inheritance. SEE BELOW;

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As of January 1, 2013, Ohio residents do not need to worry about a state estate or inheritance tax, which is a tax that is levied on people who either own property in the state where they died (estate tax) or inherit property from a resident of a state (inheritance).

REFERENCE SOURCE:

https://www.legalconsumer.com/inheritancelaw/topic.php?TopicID=4&ST=OH

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Additional Info:

Even though Ohio does not collect an inheritance tax, if you live in Ohio , and inherit property from someone who lives in one of those six states that does levy an inheritance tax, you may get a tax bill for the property that you inherited from the person who lived in that state. You won't be taxed if you are married to the deceased, and some states exempt small inheritances. But it's still a tax bill that you'll have to pay and that you might not have been expecting.

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Customer reply replied 1 month ago
It is coming from my grandmother's estate in Florida. It is a split from her money and the proceeds of the sale of her home.

I will check on the FL inheritance laws and get back to you shortly.

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See below regarding FL:

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If someone dies in Florida with less than the exemption amount, their estate doesn't owe any federal estate tax, and there is no Florida inheritance tax. The heirs and beneficiaries inherit the property free of tax. They don't pay income tax on it, either, because inherited property is not ordinary income. The only exception to this are inherited retirement accounts, which are subject to income tax as the assets are withdrawn.

REFERENCE SOURCE:

https://www.legalconsumer.com/inheritancelaw/topic.php?TopicID=4&ST=FL

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Customer reply replied 1 month ago
I have two relatives one in Delaware and one in the state of new York.... Same answer for them?

I have no idea, I would have to look that up, which is like two additional questions not relating to your situation directly.

Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Customer reply replied 1 month ago
Ok.thank you.

New York and DE are not on the list of states that impose an inheritance tax. SEE BELOW:

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Currently, there are six states that levy an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvannia. There are fifteen states (plus the District of Columbia) that levy an estate tax: Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Oregon, Rhode Island, Tennessee, Vermont, Washington, and the District of Columbia.

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A positive rating of 3 or more stars for assisting you is greatly appreciated. Thank you in advance.

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Thank you for the positive rating. I do appreciate it. have a great weekend.

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