| When a loved one passes away in Oklahoma, | | | | lower rate (usually 4.5% tax is imposed on any |
| unfortunately it's often not simply a case of organizing | | | | inheritance) than a friend (10% or even 20%). If the |
| a funeral and then getting on in peace with the grieving | | | | person who has received the property is a spouse or |
| process. There are often many complex financial | | | | charity, it's possible that inheritance tax may not be |
| issues to deal with such as inheritance tax, financial | | | | applied at all. Also, inheritance tax on property |
| planning, probate and estate conservation. This is | | | | transfers between siblings is lower (12%) than the tax |
| especially true when your loved one failed to do any | | | | applied to nieces and nephews (15%). If the deceased |
| financial planning. Here we're going to look at | | | | person is under 21 years of age, there is no tax due |
| Inheritance Tax in Oklahoma State and who you can | | | | on assets that pass to the parents. |
| go to, to get assistance with it. | | | | Seek Out Estate Tax Help |
| What is Inheritance Tax? | | | | When someone dies in Oklahoma their estate can only |
| An estate tax or death duty is a tax on the estate, or | | | | be released after the completion of Form 454. Form |
| total value of the money and property of a person | | | | 454 is a 35 page document that must be filed within 9 |
| who has passed away. In some jurisdictions like Tulsa | | | | months of the decedant's death. Within it's 35 pages |
| or Oklahoma, such taxes were previously known as | | | | are included the following tax schedules: |
| inheritance taxes. The inheritance tax in the US is | | | | - A-1: Real Estate |
| implemented by federal laws and collected by state | | | | - A-2: Oil, Gas, and Mineral |
| revenue bodies. Unlike other states, the Oklahoma | | | | - B: Stocks and Bonds |
| estate tax does not follow federal estate tax laws. | | | | - C-1: Intangible Personal Property |
| Oklahoma State Inheritance Tax Laws | | | | - C-2: Tangible Personal Property and Miscellaneous |
| An estate or inheritance tax depends on the amount | | | | Property |
| of money or property inherited by the beneficiary or | | | | - D: Life Insurance |
| heir when someone dies and their relationship to the | | | | - E: Transfer During Lifetime |
| deceased person. Some countries define an estate | | | | - F: Property Not Taxable in Oklahoma |
| tax as the assessment of the total gross value of the | | | | - G: Debts, Mortgages, and Taxes Due and Unpaid at |
| estate. According to Oklahoma laws, estate tax | | | | Death |
| returns in Tulsa and elsewhere in Oklahoma must be | | | | - H-1: Administration and Funeral Expenses |
| filed within nine months of the property owner's death. | | | | - H-2: Bequests: Charitable, Religious, and Educational |
| The Oklahoma estate tax return cannot be calculated | | | | - I-1: Property Passing to Surviving Spouse |
| from the Federal schedules because the process is | | | | - I-2: Part 2 of Schedule I-1 |
| independent of federal laws. Therefore, it's possible to | | | | - J: Distribution |
| pay estate tax on a state level and no federal | | | | Oklahoma provides tax exemptions for lineal heirs. |
| inheritance tax. | | | | From 1999 to 2010 the exemption applied to estates |
| Oklahoma Estate Tax Rates and Exemptions | | | | less $175,000 (1999) to $3,000,000 (2010). Clearly |
| Oklahoma estate/inheritance tax exemptions and | | | | Oklahoma's estate tax is a complicated tax best |
| rates depend on the beneficiary or heir. For example, | | | | handled by a professional. |
| the deceased's family member may be taxed at a | | | | |