Instructions For Form Ih-12 - Indiana Inheritance Tax Page 3
ADVERTISEMENT
1
2
3
4
5
6Class B
Even if no U.S. Estate Tax Return (Form 706) is required to be filed,
you must check the appropriate box in item 11. Even if you file a
Form 706 with the IRS, you are still required to file a copy with the
Net Taxable Value Of
Inheritance Tax
Indiana Department of State Revenue.
Property
Interests Transferred
Page Three — Schedule A, Real Estate
$100,000 or less
7% of net taxable value
List every parcel of Indiana real property in which the decedent
Over $100,000 but not over
$7,000, plus 10% of net taxable
had any right, title, or interest at the time of death and that was
$500,000
value over $100,000
transferred at death by Will or by intestate succession. Include real
property that the decedent was buying on contract at the time
Over $500,000 but not over
$47,000, plus 12% of net
of death. Do not include real property held jointly with rights of
$1,000,000
taxable value over $500,000
survivorship with one or more persons, real property held by the
Over $1,000,000
$107,000, plus 15% of net
entireties, real property held in a trust, or real property that the
taxable value over $1,000,000
decedent was selling on contract on this page because it will be
reported on Schedule C.
Class C
Describe the property in enough detail so that it can be identified
Net Taxable Value Of
Inheritance Tax
for valuation. Example: If the Will refers to the property as “the
Property
Smith Farm, ” that land should be listed as “the Smith Farm”
Interests Transferred
followed by its legal description on Schedule A. If the real property
$100,000 or less
10% of net taxable value
is transferred in two or more parcels to different transferees, each
parcel should be separately valued on this schedule. To assist in
Over $100,000 but not over
$10,000, plus 15% of net
auditing the return, include the parcel number along with the real
$1,000,000
taxable value over $100,000
estate description and address.
Over $1,000,000
$145,000, plus 20% of net
taxable value over $1,000,000
Page Four — Schedule B, Tangible Personal
Property
Credit
A gradual 9-year phase-out of Indiana’s inheritance tax that begins
All tangible personal property owned individually by the decedent
in 2013 and ends in 2022 will be carried out via an increasing tax
that was physically located in Indiana at the time of the decedent’s
credit. The credit is tied to the decedent’s year of death, and it
death and that is transferred by Will or intestate succession at death
increases in 10% increments each year starting in 2013.
is listed here, including but not limited to:
The credit is to be applied by the Department of Revenue when the
• household goods
tax is paid. At the end of these instructions is an Inheritance Tax
• automobiles
Payment Computation Worksheet to help you calculate the correct
• works of art
payment, taking into account the appropriate credit.
• books
• silverware
Year of Death
Credit
• growing crops
2013
10%
• clothing
2014
20%
• jewelry
2015
30%
• boats
2016
40%
• livestock
2017
50%
• farm machinery
2018
60%
• crops in storage
2019
70%
2020
80%
This schedule does not include tangible personal property that the
2021
90%
decedent owned jointly or that was transferred by some means
2022
repealed
other than by Will or by intestate succession. Such tangible personal
property should be listed on Schedule C.
The tax is repealed for decedents dying after December 31, 2021.
Page Five — Schedule C, Transfers During
Page-by-Page Instructions
Decedent’s Life
Page One — General Instructions
Any transfer of Indiana real property and tangible personal
Indicate the non-resident decedent’s date of death in box 3, and
property located in Indiana by the decedent to a transferee that is
place the decedent’s Social Security number in box 5.
completed at death and is not transferred by Will or by intestate
succession should be listed on this schedule:
If the decedent died testate, attach a copy of the Will to the return.
If the decedent died intestate, check the box in item 7.
3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial