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Repeal of Indiana Inheritance Tax

Posted 12:45 PM by

The Indiana inheritance tax was recently repealed retroactively for decedents dying on or after Jan. 1, 2013. Even if the decedent’s estate is small enough (generally under $5.25 million for decedents dying in 2013) such that no federal estate tax return is required to be filed, it will still be important to value assets as of the date of death for income tax purposes. That is, the estate’s/heirs’ income tax basis will be the fair market value of the assets as of the date of the decedent’s death. Further, estate (and perhaps trust) income tax returns will still need to be filed.

For more information, contact your KSM advisor.

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