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RobertJDFL, Attorney
Category: Estate Law
Satisfied Customers: 11964
Experience:  Experienced in multiple areas of the law.
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My Mom passed away in Pennsylvania. I am going to file inheritance

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My Mom passed away in Pennsylvania. I am going to file inheritance tax there. Several of the stock accounts were joint accounts between her and me. When I file the inheritance tax is the full amount of the stock account considered inherited or just her half at the time of death?
Thank you for your question.

My condolences on your loss, first of all.

For PA inheritance tax, the rule is that when a joint owner dies, a fraction of the joint account is subject to the inheritance tax. The fraction is one over the number of joint owners. As the accounts were jointly owned between the two of you, as the surviving owner, you are taxed on one-half of the account only.
Customer: replied 3 years ago.

Thank you - does the same apply with CDs or Money Market Accounts that were held in both of our names?

I apologize for the slight delay - I had momentarily stepped away.

In answer to your question, yes it does. You are taxed on one-half of all joint accounts.
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