Form 92a200 - Kentucky Inheritance Tax Return Page 16
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17INSTRUCTIONS
DEBTS OF DECEDENT
Debts and taxes of the decedent paid by the personal representative are
deductible. Real property taxes that were a lien against the decedent’s property
at the date of death are deductible. Indicate the decedent’s percentage of
liability for debts and taxes on jointly owned property. If the decedent is
survived by a husband, her debts, with the exception of taxes or mortgages
on her real property, are not deductible unless paid from the proceeds of her
estate.
List in this schedule all mortgages and liens of the decedent. Indicate the de-
cedent’s share of liability if mortgage is secured by jointly owned property.
Mortgages are not deductible to the extent secured by credit life insurance.
FEDERAL ESTATE TAX
The figure for this calculation should be obtained from the Federal Estate and
Gift Tax Return.
The federal estate tax is deductible in the proportion that the net estate in
Kentucky subject to the federal estate taxes bears to the total net estate
everywhere subject to federal estate taxes. This is calculated by dividing the
Kentucky net estate, before the federal estate tax deduction, by the federal
taxable estate including federal taxable gifts.
PROPERTY HAVING A SITUS OUTSIDE KENTUCKY
Show location, description and actual value, at date of death, of all decedent’s
property having a situs outside Kentucky. This information is necessary to
determine the amount of federal estate tax allowable as a deduction under
KRS 140.090(1)(d). List mortgages and taxes on property. Intangible property
located outside Kentucky is taxable and must be reported on the return if the
decedent was domiciled in Kentucky.
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