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how does pa inheritanc tax affect 2 sons inheriting moms

Customer Question
how does pa inheritanc...
how does pa inheritanc tax affect 2 sons inheriting mom's house
Submitted: 7 years ago.Category: Tax
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2/1/2010
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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PA inheritance tax is due at 4.5% on the value of the house as of your Mom;s date of death. There is no federal inheritance tax and hence no such tax is due at Federal level.

 

Below is the link to the Brochure for detailed information

http://www.portal.state.pa.us/portal/server.pt/document/628278/rev-584_pdf

 

and

Extract from PA State website for your reference-

 

Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by operation of law. The tax rate varies depending on the relationship of the heir to the decedent.

 

The rates for Pennsylvania inheritance tax are as follows:

  • 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;
  • 4.5 percent on transfers to direct descendants and lineal heirs;
  • 12 percent on transfers to siblings; and
  • 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

Property owned jointly between husband and wife is exempt from inheritance tax.

 

Inheritance tax payments are due upon the death of the decedent and become delinquent nine months after the individual's death. If inheritance tax is paid within three months of the decedent's death, a 5 percent discount is allowed.



Edited by RD on 2/1/2010 at 6:32 PM EST
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