What is the name of your state (only U.S. law)? Ohio
I have two quick questions for calculating real property in a Decedent's Estate to decide if an Ohio Estate Tax Form may be required. I am a beneficiary and the Decedent died prior to 2013, so an Estate valued greater than $338,000 requires an Estate Tax Form to be completed. No surviving spouse.
1. If a Decedent owned real property and half (1/2) of the property value was owned by the bank (mortgage loan). Would the total assessed value of the real property be counted or would just the equity of the home count in a Decedent's Estate?
2. If a Decedent (the mortgagee) had real property (separate from above) which is titled to an individual/company (the mortgagor). How would this add to the value of the Decedent's Estate, if half (1/2) of the mortgage was paid off and the mortgagor still owed the remaining half of the total loaned amount?
Have a good day and thank you.
I have two quick questions for calculating real property in a Decedent's Estate to decide if an Ohio Estate Tax Form may be required. I am a beneficiary and the Decedent died prior to 2013, so an Estate valued greater than $338,000 requires an Estate Tax Form to be completed. No surviving spouse.
1. If a Decedent owned real property and half (1/2) of the property value was owned by the bank (mortgage loan). Would the total assessed value of the real property be counted or would just the equity of the home count in a Decedent's Estate?
2. If a Decedent (the mortgagee) had real property (separate from above) which is titled to an individual/company (the mortgagor). How would this add to the value of the Decedent's Estate, if half (1/2) of the mortgage was paid off and the mortgagor still owed the remaining half of the total loaned amount?
Have a good day and thank you.