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What percentage of 31,000 must be paid on inheritage tax in

Pennsylvania and when does it...
What percentage of 31,000 must be paid on inheritage tax in Pennsylvania and when does it have to be paid? Before the money is dispersed or during regular tax time.
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Answered in 8 minutes by:
9/3/2008
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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The executor is personally responsible for estate and inheritance taxes.

If the executor decides to distribute part of the inheritance before taxes are paid - it is OK if taxes eventually will be paid and there are enough funds remain to pay off tax liability.

 

Federal estate taxes are due for estates above $2,000,000 (for 2008).

Pennsylvania also has an estate tax based on a decedent's total gross estate - above $1,000,000.

Pennsylvania collects an inheritance tax - the tax rate is determined by the relationship of the beneficiaries to the decedent and can be 0% (spouse); 4.5% (lineal heirs - kids, grandkids, etc.); 12% (siblings - brother/sister) or 15% (collateral heirs - everyone else!)

 

see for reference - https://revenue-pa.custhelp.com/cgi-bin/r evenue_pa.cfg/php/enduser/std_adp.php?p_faqid=952&p_created=1046966268&p_sid=JXtpsQui&p_lva=&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PWRmbHQmcF9ncmlkc29ydD0mcF9yb3dfY250PTQzJnBfcHJvZHM9JnBfY2F0cz02JnBfcHY9JnBfY3Y9MS42JnBfc2VhcmNoX3R5cGU9YW5zd2Vycy5zZWFyY2hfbmwmcF9wYWdlPTE*&p_li=&p_topview=1"target=_blank"

 

 

Lev
Lev, Tax Advisor
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