Indiana Code - Taxation - Title 6, Section 6-4.1-4-0.5

Inheritance tax return not required; affidavits; liens

Sec. 0.5. (a) No inheritance tax return is required under this
chapter unless the total fair market value of the property interests
transferred by the decedent to a transferee under a taxable transfer or
transfers exceeds the exemption provided to the transferee under
IC 6-4.1-3-10 through IC 6-4.1-3-12. For purposes of this section, the
fair market value of a property interest is its fair market value as of
the appraisal date prescribed by IC 6-4.1-5-1.5.
(b) The department of state revenue shall prescribe the affidavit
form that may be used to state that no inheritance tax is due after
applying the exemptions under IC 6-4.1-3. The affidavit may be:
(1) recorded in the office of the county recorder if the affidavit
concerns real property and includes the legal description of the
real property in the decedent's estate; or
(2) submitted as required by IC 6-4.1-8-4 if the affidavit
concerns personal property.

If consent by the department of state revenue or the appropriate
county assessor is required under IC 6-4.1-8-4 for the transfer of
personal property, the affidavit must be submitted with a request for
a consent to transfer under IC 6-4.1-8-4.
(c) If consent by the department of state revenue or the
appropriate county assessor is required under IC 6-4.1-8-4 before
personal property may be transferred and the department of state
revenue or the appropriate county assessor consents to a transfer of
personal property under IC 6-4.1-8-4 after considering an affidavit
described in subsection (b), the full value of the personal property
may be transferred.
(d) The department of state revenue or the appropriate county
assessor may rely upon an affidavit prescribed by the department of
state revenue under subsection (b) to determine that a transfer will
not jeopardize the collection of inheritance tax for purposes of
IC 6-4.1-8-4(e).
(e) It is presumed that no inheritance tax is due and that no
inheritance tax return is required if an affidavit described in
subsection (b) was:
(1) properly executed; and
(2) recorded in the decedent's county of residence or submitted
under IC 6-4.1-8-4.
(f) Except as provided in subsection (h), a lien attached under
IC 6-4.1-8-1 to the real property owned by a decedent terminates
when an affidavit described in subsection (b) is:
(1) properly executed; and
(2) recorded in the county in which the real property is located.
(g) Except as provided in subsection (h), a lien attached under
IC 6-4.1-8-1 to personal property that is owned by the decedent
terminates when:

(1) an affidavit described in subsection (b) is properly executed;
(2) the affidavit described in subsection (b) is submitted to the
department of state revenue or the appropriate county assessor
in conformity with IC 6-4.1-8-4; and
(3) the department of state revenue or the appropriate county
assessor consents to the transfer.

However subdivision (3) does not apply if consent of the department
of state revenue or the appropriate county assessor is not required
under IC 6-4.1-8-4 before the property may be transferred.
(h) A lien terminated under subsection (f) or (g) is reattached to
the property under IC 6-4.1-8-1 if the department of state revenue
obtains an order that an inheritance tax is owed.

As added by Acts 1977(ss), P.L.6, SEC.4. Amended by Acts 1979,
P.L.75, SEC.9; Acts 1980, P.L.57, SEC.8; P.L.87-1983, SEC.4;
P.L.252-2001, SEC.1.

Last modified: May 28, 2006