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My brother in law passed and he willed me a new boat that we…

Customer Question
Hi my brother in...

Hi my brother in law passed and he willed me a new boat that we both went halfers on , plus we traded in a boat on the new boat . I have been paying on the boat . The short form hasn’t been filed yet . The new boat has a debit equal to or more than the value of the boat. My question is do I have to pay an inheritance tax plus a state tax when the boat switches over in my name

Accountant's Assistant: What state is this in? And how old is the boat?

Pennsylvania

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Executor of the will has no money to process for the shorts for you and I can’t get her to do it

Submitted: 1 month ago.Category: Tax
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Answered in 33 minutes by:
3/6/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

From what you have stated above, I assume (please correct me if I am wrong) that the boat was only in your brothers name?

You will not pay inheritance tax for the boat.

You will have to pay registration frees and submit a sales tax form.

The costs to title and/or register your boat with the PA Fish and Boat Commission are as follows:

  • Original and renewal registration for:
    • Non-motorized boats:$18.
    • Motorboats less than 16 ft: $26.
    • Motorboats 16 to 20 ft: $39.
    • Motorboat 20 ft and longer: $52.

Below is a link to the Pennsylvania Boat Registration and/or Boat title.

http://www.revenue.pa.gov/FormsandPublications/otherforms/Documents/rev-336.pdf

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

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Federally Licensed IRS Enrolled Agent

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Category: Tax
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