Inheriting from a loved one can be a bittersweet experience. While you’re likely filled with gratitude for the inheritance, navigating the legal and tax aspects can be confusing. If you’re dealing with an inheritance in California, you might come across Form IT-22, the Inheritance Tax Affidavit. But fear not! This blog post will break down the key information about Form IT-22 and when it might be relevant to you.
Important Note: California Does Not Have an Inheritance Tax!
That’s right, you read that correctly. Unlike many other states, California does not impose an inheritance tax on beneficiaries. So, you generally won’t need to file Form IT-22 unless a specific situation applies.
So, When Does Form IT-22 Come In?
Form IT-22 comes into play when the deceased (the person who passed away) owned property in California but wasn’t a resident of the state at the time of death. In such cases, the State Controller’s Office needs to determine if any inheritance tax applies on the California-based property.
Who Should File Form IT-22?
The responsibility of filing Form IT-22 typically falls on the executor or administrator of the estate. An executor/administrator is the person appointed by the court to handle the deceased’s assets and debts.
What Information Do I Need for Form IT-22?
Form IT-22 requires details about the deceased, the California property in question, and the beneficiaries who will inherit it. Here’s a quick rundown of what you might need:
- Decedent’s information (name, date of death, residence)
- Details of the California property (type, estimated market value)
- Information on heirs, legatees, or devisees (beneficiaries)
- Details on any jointly held property with the deceased
Where Can I Find Form IT-22?
You can find Form IT-22 on the California Franchise Tax Board’s website https://www.ftb.ca.gov/. The website also offers resources and instructions to help you complete the form.
Getting Help with Form IT-22
If you’re unsure about filing Form IT-22 or require assistance completing it, consider consulting with a qualified tax professional or an attorney specializing in estate law. They can guide you through the process and ensure everything is filed correctly.
Remember: This blog post is for informational purposes only and shouldn’t be considered legal advice. For specific guidance on your situation, consult with a professional