Pennsylvania REV-485 -- Safe Deposit Box Inventory is a form used to document the contents of a safe deposit box located in Pennsylvania. This form must be completed by all financial institutions located in Pennsylvania that offer safe deposit box services. The form is designed to provide a detailed inventory of the contents of the box, including the owner's name and address, the contents of the box (e.g. cash, jewelry, documents, etc.), the date the inventory was taken, and the signature of the person taking the inventory. Depending on the financial institution, there are two types of Pennsylvania REV-485 -- Safe Deposit Box Inventory: the basic inventory form and the detailed inventory form. The basic inventory form is easier to complete and is sufficient for most cases. The detailed inventory form is more comprehensive and requires additional information such as a description of the items and their value.
Pennsylvania REV-485 -- Safe Deposit Box Inventory
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If you are trying to find out if a deceased relative had a safety deposit box, your best bet is to search through their financial and legal documents for any clues or references to one. You can also contact the person's bank and ask if they had a safety deposit box.
Because safe deposit boxes may contain assets subject to Pennsylvania inheritance tax, the law requires an inventory prior to the removal of contents of any safe deposit box owned solely by a decedent or owned by a decedent and anyone other than a spouse.
To give someone access to your safety deposit box, you'll need to bring them to the bank where your box is located. Your loved one or friend will then need to sign the bank's rental contract as a joint renter. Their signature is the most important part of the process.
Properties that are eligible for inheritance tax in Pennsylvania. All the decedent's tangible property, including but not limited to cash, furniture, automobiles, jewelry, antiques and more that are located within the state of Pennsylvania at the time of the decedent's passing, are eligible for inheritance tax.
Nothing Is Safe From the IRS If cash is stored in the safe deposit box, this can be seized directly. If valuable items are being stored, their value may be assessed, and strategically sold off to satisfy the debt.
If there is no spouse or if the spouse forfeited their rights, any child of the decedent who is a member of the decedent's household may claim the exemption. In the event there is no spouse or child, the exemption may be claimed by a parent or parents who are members of the decedent's household.
It is important to know that even if you own the contents, you don't own the safe deposit box. Rather, the box is rented from the bank. The lease agreement between you and the bank includes important terms like those related to multiple signers and terms related to the bank's liability, if any.
Can the IRS get into my box? IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Notice of Levy or Seizure requiring us to freeze your box. The IRS requests that you open the box in the presence of their representatives.
