Pennsylvania REV-1500 -- Inheritance Tax Return — Resident Decedent is a form used to report Pennsylvania Inheritance Tax due on the assets of a Pennsylvania resident decedent (deceased person). It is used to report the assets and liabilities of the decedent to the Pennsylvania Department of Revenue. The form may also be used to report the inheritance tax due from non-residents who receive assets from a Pennsylvania resident decedent. There are three types of Pennsylvania REV-1500 -- Inheritance Tax Return — Resident Decedent: REV-1500A, REV-1500B, and REV-1500C. REV-1500A is used for decedents who died on or after December 31, 2019. REV-1500B is used for decedents who died before December 31, 2019. REV-1500C is used to report the inheritance tax due from non-residents who receive assets from a Pennsylvania resident decedent.
Pennsylvania REV-1500 -- Inheritance Tax Return - Resident Decedent
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How to fill out Pennsylvania REV-1500 -- Inheritance Tax Return - Resident Decedent?
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FAQ
An inheritance tax return must be filed for every decedent (or person who died) with property that may be subject to PA inheritance tax. The tax is due within nine months of the decedent's death.
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.
Another way to trigger the inheritance tax in Pennsylvania is to own real estate or tangible personal property that is located within the state. Therefore, if your relative lived outside of the state but bestowed upon you property that was within Pennsylvania, you are subject to the inheritance tax.
Pennsylvania inheritance tax rates A 4.5% tax rate applies to assets that go to lineal heirs. These include children, stepchildren and grandchildren. A 12% tax rate applies to collateral beneficiaries such as siblings. A 15% tax rate applies to other heirs such as nieces and nephews.
Pennsylvania inheritance tax rates A 4.5% tax rate applies to assets that go to lineal heirs. These include children, stepchildren and grandchildren. A 12% tax rate applies to collateral beneficiaries such as siblings. A 15% tax rate applies to other heirs such as nieces and nephews.
How To Avoid Inheritance Tax. One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.
Inheritance taxes are a portion of each heir's inheritance. These taxes are paid as a percentage of the total value that each person receives under the will. This means that the burden of paying inheritance taxes falls to the recipient of any share of the estate.
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.