2007 Federal and Ohio Estate Tax Rates
Federal Estate Tax Rates
| If the net taxable estate is: |
The tax shall be: |
| over $2 Million Dollars |
$780,000 plus 46% of the excess over $2 Million Dollars |
Ohio Estate Tax Rates (ORC §57301.02)
If the net taxable estate is: |
The tax shall be
|
Over $338,333 but not over $500,000 |
$13,900 plus 6% of the excess over $338,333 |
Over $500,000 |
$23,600 plus 7% of the excess over $500,000 |
NOTE: In Ohio, a credit for the first $13,900 owed on taxes is provided (the equivalent of transferring $338,333 tax free). Similarly, the IRS provides a credit of $780,000 (equivalent of $2,000,000 tax free). Part of the Federal Unified Credit may be diminished by lifetime gifts in excess of $12,000 (or $24,000 if given jointly by spouses and en election is made) during any given year. Gifts under $12,000 from any person to another indivual ($24,000 for spouses) are exempt form taxation and reporting.
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