Title XI, Revenue and Taxation
15 chapters · 869 sections in this title.
KRS § 140.010 Levy of inheritance tax -- Property affected -- When tax attaches
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All real and personal property within the jurisdiction of this state and any interest therein belonging to inhabitants of this state, all tangible personal property wherever situated belonging to inhabitants of this state that has not acquired a situs for purposes of taxation out…
KRS § 140.015 Exemption of benefits from federal government arising out of military service
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service. (1) The payment of any gratuity pay, death compensation or other award or benefit, by the federal government, to the surviving spouse or heirs of any person by reason or arising out of service by such person in the Armed Forces of the United States in time of war shall n…
KRS § 140.020 Taxation of transfers made in contemplation of death -- Revocable trusts -- Presumption of contemplation -- When presumption does not apply
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Presumption of contemplation -- When presumption does not apply. (1) The terms of this chapter shall apply to any property or interest therein, of which the decedent has made a transfer by trust or otherwise, in contemplation of or intended to take effect in possession or enjoyme…
KRS § 140.030 Taxation of contracts in contemplation of death -- Proceeds of life insurance policies -- Exemptions
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insurance policies -- Exemptions. (1) If it appears, either from the will of the decedent or from extrinsic evidence, that an obligation of a contractual nature exists in favor of any person payable at or after death of the decedent, the sum so payable shall be treated for the pu…
KRS § 140.040 Taxation of transfers by power of appointment -- When transfer deemed to take place -- Date as of which value of property determined -- Remainder interests -- Rates and exemptions
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to take place -- Date as of which value of property determined -- Remainder interests -- Rates and exemptions. (1) As used in this section, "power of appointment": (a) Means only a general power of appointment that may be exercised in favor of: 1. The individual holding the power…
KRS § 140.050 Taxation of surviving owner of a joint interest
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Whenever any real or personal property is held jointly in the names of two (2) or more persons, or as tenants by the entirety, or is deposited in banks or other depositories jointly in the names of two (2) or more persons and is payable to either or to the survivor upon the death…
KRS § 140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions
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institutions, and to cities and public institutions. All transfers to educational, religious or other institutions, societies, or associations, whose sole object and purpose are to carry on charitable, educational, or religious work, all transfers for or upon trust for any charit…
KRS § 140.063 Exemption of annuities or other payments under employees' trusts -- Retirement annuities -- Individual retirement bonds, accounts, and annuities
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Retirement annuities -- Individual retirement bonds, accounts, and annuities. (1) There shall be excluded from taxation under KRS Chapter 140, to the extent attributable to employer's contributions, the value of an annuity or other payment receivable by any beneficiary (other tha…
KRS § 140.070 Inheritance tax rates
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The tax upon transfers of property as defined in the preceding sections of this chapter shall be at the following rates: (1) Class A. In case the transfer is to or for the benefit of a parent, surviving spouse, child by blood, stepchild, child adopted during infancy, child adopte…
KRS § 140.080 Exemptions of inheritable interests
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(1) The following exemptions chargeable against the lowest bracket or brackets of inheritable interests shall be free from any tax under the preceding provisions of this chapter: (a) Surviving spouse, total inheritable interest. Effective as to decedents dying after August 1, 198…
KRS § 140.090 Deductions allowed from distributive shares
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(1) In calculating the value of the distributive shares the following deductions and no others shall be allowed: (a) Debts of the decedent, except debts secured by property not subject to the tax jurisdiction of Kentucky; and except debts barred by the statute of limitations; (b)…
KRS § 140.095 Credit in case same property passes again within five years
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(1) As used in this section the word "transfer" means a taxable transfer under the provisions of KRS Chapter 140. (2) Subject to the provisions of this section, any person to whom property is transferred shall be allowed a credit against the tax imposed by KRS 140.070, if the pro…
KRS § 140.100 Valuation of future and contingent estates -- Taxation of life estates -- Valuation of surviving spouse's interest in trust or life estate
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Valuation of surviving spouse's interest in trust or life estate. (1) The Department of Insurance, on the application of the Department of Revenue, shall determine, and certify in duplicate to the department, the value of any future or contingent estate, income or interest therei…
KRS § 140.110 Taxation of contingent and defeasible estates
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(1) In the case of estates in expectancy which are contingent or defeasible, a tax shall be levied at the rate which, on the happening of the most probable contingencies or conditions named in the will, deed, trust agreement, contract, insurance policy, or other instrument, would…
KRS § 140.120 Taxation of gifts to fiduciaries
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If a testator bequeaths or devises property to one (1) or more personal representatives or trustees in lieu of their commissions or allowances, or makes them his legatees to an amount exceeding the commissions or allowances prescribed by law, the excess in value of property so be…
KRS § 140.130 Levy of estate tax -- Computation -- Payment -- Administration
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(1) In addition to the inheritance tax hereinbefore imposed, an estate tax is hereby levied on all estates equal to the amount by which the credits for state death taxes allowable under the federal tax law exceeds the tax levied under KRS 140.010, less the discount allowed under …
KRS § 140.140 Payment of estate tax under protest -- Action to recover -- Refund
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(1) No suit shall be maintained in any court to restrain or delay the collection or payment of the tax levied by KRS 140.130. The aggrieved taxpayer shall pay the tax under protest as and when required, and may at any time within two (2) years from the date of such payment sue th…
KRS § 140.160 Supervision of collection of taxes by Department of Revenue -- Limitation on actions to collect taxes
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on actions to collect taxes. (1) The Department of Revenue shall have full supervision of the collection of all taxes due under the provisions of this chapter, including the power to institute suit in this and other states. It may employ attorneys and other persons necessary to c…
KRS § 140.165 Audits, appraisals and examinations -- Finality of return and payment
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The department may make such audits, appraisals, and examinations of records according to KRS 131.130 to properly supervise the collection of all taxes due under the provisions of this chapter. A completed tax return with full payment attached shall be final one (1) year after re…
KRS § 140.170 Appraisal of estates -- Appointment, duties and compensation of appraisers -- Records
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appraisers -- Records. (1) The District Court, upon the request of the personal representative or any interested party, shall appoint some competent person as appraiser of the estate. The appraiser shall give notice to all persons having an interest in the estate and to such othe…
KRS § 140.180 Reports by personal representatives and trustees
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If real property of a decedent is passed to another person so as to become subject to the tax, his personal representative or trustee shall inform the department thereof within six (6) months after his appointment, or if the fact is not known to him within that time, then within …
KRS § 140.190 Computation of and liability for taxes
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(1) All taxes imposed by this chapter shall be computed and paid on the fair cash value of the property transferred at the rates provided. All personal representatives, trustees, and beneficiaries shall be personally liable for the taxes until they are paid, but only to the exten…
KRS § 140.210 Payment of taxes -- Discount -- Interest -- Bond for payment
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(1) (a) For deaths prior to July 1, 2026, all taxes imposed by this chapter, unless otherwise provided in this chapter, shall be due at the death of the decedent and shall be payable to the Department of Revenue within eighteen (18) months thereafter. If they are paid within nine…
KRS § 140.220 Collection of taxes by personal representative or trustee -- Sale of property for tax -- Recovery of taxes from trust or life estate property
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for tax -- Recovery of taxes from trust or life estate property. (1) A personal representative or trustee holding property subject to any of the taxes levied by this chapter shall not deliver the property until he has collected the tax thereon. (2) When a specific bequest of pers…
KRS § 140.222 Deferred payment of inheritance tax -- Interest -- Time and method of election to defer -- Liability for deferred payments
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election to defer -- Liability for deferred payments. (1) When the net tax due from a beneficiary's distributive share exceeds five thousand dollars ($5,000), the beneficiary may elect to pay the inheritance tax in ten (10) equal installments. The first installment shall be due a…
KRS § 140.224 Bond to secure installment payment of inheritance tax
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(1) Where a beneficiary elects to pay the inheritance tax on the installment basis as provided in this chapter, such beneficiary may be required to post sufficient security at any time the department reasonably believes collection of the tax may be in jeopardy. (2) Failure of a b…
KRS § 140.230 Deduction of taxes from interest less than fee -- From legacy charged on real property
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real property. (1) When any interest in property less than an estate in fee is devised or bequeathed to one or more beneficiaries with remainder to others, and the interest of one or more beneficiaries is subject to any of the taxes levied by this chapter, the personal representa…
KRS § 140.270 Appraisal and taxation of estate of nonresident -- Notification of state of domicile -- Reciprocity
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domicile -- Reciprocity. (1) In the absence of administration in this state upon the estate of a nonresident, the Department of Revenue, at the request of a personal representative duly appointed and qualified in the state of the decedent's domicile, or of a grantee under a conve…
KRS § 140.275 Exclusion of intangible personal property held in trust, under reciprocal agreements with other states
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agreements with other states. (1) It is hereby declared to be the legislative policy that Kentucky shall not be a party to interstate double taxation under the terms of the Kentucky inheritance and estate tax laws. Pursuant to this policy, the commissioner of the Department of Re…
KRS § 140.280 Suits here by other states to collect taxes due -- Reciprocity
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The official or agency charged with the administration of the death tax laws of the domiciliary state shall be deemed a creditor of the decedent, and may sue in the courts of this state and enforce such claims for taxes, penalties and interest due to that state or political subdi…
KRS § 140.285 Agreement with taxing authorities of other states
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(1) When the Department of Revenue claims that a decedent was domiciled in Kentucky at the time of death and the taxing authorities of another state or states make a similar claim with respect to their state or states, the commissioner of the Department of Revenue may enter into …
KRS § 140.290 Refund of tax when debts are proved after deduction of tax
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Whenever debts are proved against the estate of a decedent after the payment of legacies or distribution of property from which the tax has been deducted or upon which it has been paid, and a refund is made by the legatee, devisee, heir or next of kin, a proportion of the tax so …
KRS § 140.300 Definitions for KRS 140.310 to 140.360
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As used in KRS 140.310 to 140.360, these words shall have the following meaning: (1) "Agricultural land" means that real estate which is defined in KRS 132.010(9). (2) "Horticultural land" means that real estate which is defined in KRS 132.010(10). (3) "Agricultural or horticultu…
KRS § 140.310 Assessment of agricultural or horticultural land for inheritance tax purposes
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purposes. (1) Agricultural or horticultural land may be assessed at its agricultural or horticultural value in a decedent's estate for Kentucky inheritance tax purposes if the agricultural or horticultural land is qualified real estate and is passing to a qualified person or pers…
KRS § 140.320 Taxation of land converted from agricultural use
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If, within five (5) years after the death of the decedent, a qualified person sells, conveys, or otherwise transfers the ownership, directly or indirectly, of the qualified real estate to any person or persons other than another qualified person who is a joint owner or the qualif…
KRS § 140.330 Land presumed assessed at agricultural value -- Procedure when not so assessed
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assessed. In the event the qualified real estate is reported for inheritance tax purposes at its agricultural or horticultural value and that real estate has been assessed at its agricultural or horticultural value for ad valorem tax purposes, then that assessment shall be presum…
KRS § 140.340 Reporting of qualified real estate at agricultural or horticultural value
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The person responsible for filing the inheritance tax return for a decedent's estate and who elects to report qualified real estate at its agricultural or horticultural value shall in addition report the fair market value of the qualified real estate.
KRS § 140.350 Issuance of tax waivers -- Liens -- Procedure
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At such time as the Department of Revenue accepts the agricultural or horticultural value on qualified real estate comprising a portion of a decedent's estate and issues tax waivers thereon, it shall cause to be filed in the office of the county clerk of the county where the real…
KRS § 140.360 Limit on reduction of taxable value
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No gross estate shall be reduced by more than $500,000 as a result of the provisions of KRS 140.300 to 140.360.
KRS § 140.990 Penalties
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(1) Any person charged with a duty in this chapter who fails or refuses to perform that duty shall be fined not less than five dollars ($5) nor more than one hundred dollars ($100). (2) Any person who violates KRS 140.170(3) shall be fined not less than two hundred dollars ($200)…
KRS § 140.991 Civil penalties for violation of chapter
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Any personal representative or other person who violates any of the provisions of this chapter shall be subject to the uniform civil penalties imposed pursuant to KRS 131.180.