Lutherville Timonium, MD asked in Estate Planning for Maryland

Q: In a "small estate" on MD Form 1124, do I need to list jointly owned securities and house owned by my wife and me.

The jointly owned value is ~$400k. In her name is a bank account worth $3k and car worth $4k. Section 7-203 (h) says the joint property isn't taxable, and Form 1124 says not to list amounts non-taxable under 7-203.

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1 Lawyer Answer
Mark Oakley
Mark Oakley
  • Estate Planning Lawyer
  • Rockville, MD
  • Licensed in Maryland

A: No. As spouse of the decedent, you are not subject to the Maryland inheritance tax. You only list assets that the decedent jointly owned with a person or persons who would be subject to inheritance tax. The one exception on the form is for listing real property located outside the state of Maryland in which the decedent owned an interest with another, which you identify regardless of whether the other owner(s) would be exempt from inheritance tax.

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