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Old 12-14-2023, 07:30 AM
 
Location: Wonderland
67,650 posts, read 60,867,486 times
Reputation: 101073

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Quote:
Originally Posted by notnamed View Post
Don't forget KY has an annual property tax on vehicles based on their value too.

And a lower sales tax rate. And it's considered to be friendly tax wise in general.
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Old 12-15-2023, 05:35 AM
 
Location: Wooster, Ohio
4,139 posts, read 3,046,164 times
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Quote:
Originally Posted by KathrynAragon View Post
And a lower sales tax rate. And it's considered to be friendly tax wise in general.
Kentucky has an inheritance tax with a maximum rate of 16%. Ohio has neither estate nor inheritance taxes.
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Old 12-15-2023, 05:51 AM
 
3,254 posts, read 1,410,291 times
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Quote:
Originally Posted by mshultz View Post
Kentucky has an inheritance tax with a maximum rate of 16%. Ohio has neither estate nor inheritance taxes.
Thank you for sharing that. Very useful information.
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Old 12-16-2023, 01:16 AM
 
17,339 posts, read 11,262,503 times
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Quote:
Originally Posted by mshultz View Post
Kentucky has an inheritance tax with a maximum rate of 16%. Ohio has neither estate nor inheritance taxes.
To be specific and in fairness, the inheritense tax doesn't affect most family members such as spouses, children, step children, siblings and step siblings, parents, grandchildren and more.
If you're leaving your money and property to a corporation, a distant relative or a friend then it would. The tax doesn't matter to a large majority of people since they leave inheritense to family.
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Old 12-16-2023, 06:42 AM
 
Location: Wonderland
67,650 posts, read 60,867,486 times
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Quote:
Originally Posted by mshultz View Post
Kentucky has an inheritance tax with a maximum rate of 16%. Ohio has neither estate nor inheritance taxes.
I don't believe that the Kentucky "inheritance tax" impacts immediate family and is not onerous to extended family. It's basically an inheritance tax for corporations. Anyway, don't listen to me, it's easy to look up.
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Old 12-16-2023, 07:19 AM
 
Location: Wooster, Ohio
4,139 posts, read 3,046,164 times
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Quote:
Originally Posted by KathrynAragon View Post
I don't believe that the Kentucky "inheritance tax" impacts immediate family and is not onerous to extended family. It's basically an inheritance tax for corporations. Anyway, don't listen to me, it's easy to look up.
Here's the details:
https://revenue.ky.gov/Individual/In...s/default.aspx
My closest relative is my sister, who is having health problems. My niece & nephews are considered Class B Beneficiaries. Any inheritance of over $200,000 is taxed at 16%. Granted, I've done well, but in my case, we would be talking about inheritance taxes of over $500,000.
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Old 12-16-2023, 08:30 AM
 
17,339 posts, read 11,262,503 times
Reputation: 40890
Quote:
Originally Posted by mshultz View Post
Here's the details:
https://revenue.ky.gov/Individual/In...s/default.aspx
My closest relative is my sister, who is having health problems. My niece & nephews are considered Class B Beneficiaries. Any inheritance of over $200,000 is taxed at 16%. Granted, I've done well, but in my case, we would be talking about inheritance taxes of over $500,000.
I get it and I'm sorry for your situation. The average person though living in KY doesn't find the inheritance tax a burden for the reasons I previously stated. It shouldn't be a reason preventing someone from moving to the state unless of course they are in a similar situation as you are.
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Old 12-17-2023, 05:49 AM
 
Location: Wooster, Ohio
4,139 posts, read 3,046,164 times
Reputation: 7274
Quote:
Originally Posted by marino760 View Post
I get it and I'm sorry for your situation. The average person though living in KY doesn't find the inheritance tax a burden for the reasons I previously stated. It shouldn't be a reason preventing someone from moving to the state unless of course they are in a similar situation as you are.
Don't feel sorry for me. If you should feel sorry for anyone, feel sorry that the state of Kentucky's inheritance tax prevents someone who would pay far more in taxes than cost the state in social services from moving there and enjoying better weather than Ohio has to offer.
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Old 12-17-2023, 07:22 AM
 
Location: Wonderland
67,650 posts, read 60,867,486 times
Reputation: 101073
Quote:
Originally Posted by mshultz View Post
Here's the details:
https://revenue.ky.gov/Individual/In...s/default.aspx
My closest relative is my sister, who is having health problems. My niece & nephews are considered Class B Beneficiaries. Any inheritance of over $200,000 is taxed at 16%. Granted, I've done well, but in my case, we would be talking about inheritance taxes of over $500,000.
All I'm saying is that generally speaking, most people leave whatever estate they have to immediate family members, who are exempt.
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Old 12-17-2023, 07:23 AM
 
Location: Wonderland
67,650 posts, read 60,867,486 times
Reputation: 101073
Quote:
Originally Posted by mshultz View Post
Don't feel sorry for me. If you should feel sorry for anyone, feel sorry that the state of Kentucky's inheritance tax prevents someone who would pay far more in taxes than cost the state in social services from moving there and enjoying better weather than Ohio has to offer.
Well, you CAN live right across the state line in Cincinnati.
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