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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10140
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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A taxpayer, who is a Maryland resident passes away. Her only

Customer Question

A taxpayer, who is a Maryland resident passes away. Her only asset is a bank account (established in PA), which has a balance of 230,000 in it. Her beneficiaries are all PA residents. Does a PA Inheritance Tax Return have to be filed & the related tax
paid?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations. … I can help here

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So sorry, yes. See this from the state of Pennsylvania: (I'll uderline the pertinent part)

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"Property Subject to Inheritance Tax
All real property and all tangible personal property of a resident decedent, including but not limited to cash, automobiles, furniture, antiques, jewelry, etc., located in Pennsylvania at the time of the decedent’s death is taxable. All intangible property of a resident decedent, including stocks, bonds, bank accounts, loans receivable, etc., is also taxable regardless of where it is located at the time of the decedent’s death.

In the case of a nonresident decedent, all real property and tangible personal property located in Pennsylvania at the time of the decedent’s death is taxable. Intangible personal property of a nonresident decedent is not taxable. ""

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Expert:  Lane replied 1 year ago.

For additional information, call(###) ###-####or write to the Inheritance Tax Division at:
Pennsylvania Department of Revenue
Bureau of Individual taxes
Dept. 280601
Harrisburg, PA###-##-####/p>

Expert:  Lane replied 1 year ago.

Please let me know if you have any questions at all

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Hope this has helped...

...

Lane

..

Expert:  Lane replied 1 year ago.

Also see this:

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"The tax rate for Pennsylvania Inheritance Tax is 4.5% for transfers to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs (except charitable organizations, exempt institutions, and government entities that are exempt from tax). Property owned jointly between husband and wife is exempt from inheritance tax, while property inherited from a spouse, or from a child aged 21 or younger by a parent, is taxed a rate of 0%. "

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Expert:  Lane replied 1 year ago.

If this HAS helped, (and you don't have any other questions on this), I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

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Thank you,

Lane

.