Form 101a - Wisconsin Inheritance Tax Return (Page 3 of 4) in pdf

INSTRUCTIONS FOR FORM 101A

WHEN THIS FORM CAN BE USED

Itemize all property listed in Part 3 giving the nature of the property, the name of the

Form 101A, Wisconsin Inheritance Tax Return (Resident Return), may be used to report

banks, savings and loan associations and credit unions in which accounts are held,

the estate of a decedent only when all of the following conditions are met:

including account numbers, the names of corporations, certificate numbers, numbers

of shares of stock held in these corporations and the names of all plans from which

1. Date of death is on or after January 1, 1978

employe benefits are paid to the estate. If space is insufficient, an additional schedule

2. No federal estate tax return is required to be filed

may be attached.

3. The decedent’s gross taxable estate (total of lines 2 and 8, Part1) is $200,000 or

less

Enter the total of Part 3 on line 1 of Part 1, page 1.

4. The decedent was a Wisconsin resident at the time of death

5. The decedent did not own real estate or tangible property located outside Wisconsin

Part 4 - Page 2 (Jointly Owned Property—General Instructions)

at the time of death

All joint property must be reported in either Section 1 or Section 2 of this schedule. Item-

ize all amounts listed in Part 4 giving the nature of the property along with the name of

EXCEPTIONS — Do NOT use this form in the following two instances:

the surviving joint tenant. If cash, give the names and account numbers of the banks,

savings and loan associations and credit unions in which accounts are held. If securities,

1. One or more of the five conditions mentioned above is not met. Form 101 should be

give the names of the corporations, the certificate numbers and the number of shares

used.

of stock held in these corporations. The values shown must include interest accrued on

2. The decedent died on or after January 1, 1986, and is survived by a spouse. Form

cash accounts and securities from date of the last interest payment to the date of death,

101S or Form 101 must be used instead. Form 101S may be used whenever the

and dividends declared on stocks to owners of record on date of death but not paid until

surviving spouse is the only person receiving property as a result of the decedent’s

after death. Attach a copy of the real estate tax bill or appraisal indicating how the value

death and death occurred on or after July 1, 1982. Otherwise, Form 101 must be

of any real estate was established. If space is insufficient, attach additional schedules.

used.

Jointly owned tangible personal property may qualify for the $10,000 exemption men-

TIME FOR FILING A RETURN

tioned in the instructions for Part 3. The exemption allowable in Part 4 is that portion of

The inheritance tax is due and payable within one year of a decedent’s death. If the tax

the exemption not claimed in Part 3.

is not paid within one year of death, there is interest owing. Interest is calculated from

date of death to the date the tax is paid at the rate of 12% per year. Enter the total of

Part 4 - Section 1 (Jointly Owned Property-Fractional Share Basis)

the tax and interest due on line 13, Part 2.

Use Section 1 to report the decedent’s interest in joint property such as real estate,

securities, and any other property which requires the signature of all joint tenants to

WHERE TO GET FORMS AND INFORMATION

terminate the joint tenancy or to transfer the property.

You may obtain information, additional forms and assistance in preparing this return

by contacting our office at:

Indicate the full market value of the decedent’s interest in the joint property on this

schedule. For purposes of this schedule, the decedent’s interest is the full market

2135 Rimrock Rd

mailing address:

PO Box 8906

value of the property divided by the number of joint tenants including the decedent. The

Madison, WI

Mail Stop 5-144

amount of mortgages and liens entered in Part 4 may only reflect the mortgages and

Phone: (608) 266-2772

Madison, WI 53708

liens against the decedent’s interest in the joint property. Enter the net amount of the

decedent’s interest in the joint property on line 4, Part 1, page 1.

PREPARATION OF THE RETURN

Part 4 - Section 2 (Jointly Owned Property-Contribution Basis)

Use Section 2 to report the decedent’s interest in joint property such as checking and

Part 3 - Page 2 (Solely Owned Property)

Report the fair market value of all real property owned solely by the decedent at death

savings accounts, certificates of deposit, government bonds and any other property

without deductions for mortgages or liens. Attach a copy of the property tax bill or ap-

which does not require the signature of all joint tenants to terminate the joint tenancy

praisal used to determine the fair market value of the real estate.

or to transfer the property.

Report the total amount of all cash (regardless of physical location), including cash on

Report the full market value of the joint property on this schedule. If a surviving joint

hand, cash in savings and checking accounts, savings and loan accounts and credit

tenant contends that less than the full value of the property is includible for inheritance

union accounts in the decedent’s name at the time of death. The values of all securities

tax purposes, the burden is upon such tenant to show a right to deduct any value. In

(for example, stocks, bonds and savings certificates-regardless of physical location)

such case, an affidavit must be submitted showing the extent, origin, and nature of the

owned by the decedent at death must be reported at the fair market value at date

survivor’s interest. None of the survivor’s interest may have been contributed by nor

of death. Interest must be accrued on all savings accounts from the date of the last

received from the decedent.

interest payment to the date of death. Any dividends declared to owners of record on

date of death, but not paid until after death must also be reported. Information as to the

Part 5 - Line 1, Page 2 (Debts)

amounts of accrued interest or dividends declared but not paid to the decedent can be

Report all debts owed by the decedent at date of death, including the amounts of mort-

obtained from the payor.

gages and liens on solely owned property. If the total of the debts exceeds $1,500, a

schedule must be attached itemizing the debts.

Report the values of motor vehicles, business equipment, household goods, sporting

equipment, boats, stamp and coin collections, life insurance proceeds on the decedent’s

Real estate taxes accrued to date of death on solely owned real estate are an allowable

life or employe benefits paid to the estate and not to a named beneficiary, and any other

debt deduction. If the real estate taxes are accrued on jointly owned property, a lien

personal property owned by the decedent. For deaths on or after January 1, 1978 but

deduction is to be claimed in Part 4. If the tax levy is not known, the deductible amount

before July 1, 1979, the first $2,500 of household furniture, furnishings and appliances

is one-twelfth of the taxes assessed against the property for the preceding calendar

is exempt from inheritance tax. For deaths on or after July 1, 1979, the first $10,000 of

year multiplied by the number of months in the calendar year which lapsed before death,

all tangible personal property (except money including coins or currency) is exempt from

including the month of death, if death occurred after the 15th day.

the inheritance tax. Examples of tangible personal property qualifying for the $10,000

exemption are: household furniture, furnishings and appliances; motor vehicles; sporting,

Part 5 - Line 2, Page 2 (Expenses of Last Illness)

recreational and hobby equipment; jewelry and furs; stamp collections; personal cloth-

Report all expenses of last illness UNPAID AT DATE OF DEATH AND WHICH

ing; food and beverage items; farm machinery and equipment, livestock and harvested

WILL NOT BE REIMBURSED BY INSURANCE OR DEDUCTED ON

crops; and business supplies, inventories and equipment. Enter the exemption available

THE DECEDENT’S INDIVIDUAL INCOME TAX RETURN.

on behalf of this decedent on the appropriate line in Part 3.

Part 5 - Line 3, Page 2 (Funeral and Burial Expenses)

Report the social security lump-sum death benefit unless such benefit is payable to

Report the funeral and burial expenses which may include payments for undertaker’s

the decedent’s surviving spouse or was made to a funeral director as a payment on

services, casket, religious services, burial plot, interment, tombstone, and perpetual

the funeral bill.

care for the decedent’s burial lot. If the social security death benefit was paid to the

Form 101a - Wisconsin Inheritance Tax Return Page 3

Related Articles

Related forms

Related Categories