Pennsylvania REV-1502 -- Schedule A — Real Estate is a form used for filing real estate taxes in the state of Pennsylvania. This form is used to report and pay the taxes due on any real property owned in the state. There are two types of Pennsylvania REV-1502 -- Schedule A — Real Estate: Residential and Non-Residential. The Residential form is used to report and pay taxes on residential real estate such as single-family homes, condominiums, and townhouses. The Non-Residential form is used to report and pay taxes on commercial properties such as office buildings, retail stores, and warehouses.
Pennsylvania REV-1502 -- Schedule A - Real Estate
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Pennsylvania
Control #:
PA-SKU-2964
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REV-1502 -- Schedule A - Real Estate
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PA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION-REF PO BOX 280601 HARRISBURG PA 17128-0601 The application for refund period is three years.
REV-1313 -- Application for Refund of Pennsylvania Inheritance/Estate Tax. REV-1381 -- Stocks/Bonds Inventory. REV-1500 -- Inheritance Tax Return - Resident Decedent. REV-1502 -- Schedule A - Real Estate.
Give your assets away If you give assets away and you survive for at least 7 years then all gifts are free and avoid inheritance tax. If you die within 7 years then inheritance tax will be paid on a reducing scale.
The most important exemption is for property that is owned jointly by a husband and wife. Therefore, if you and your spouse own all of your property jointly, upon death of the first spouse there will be no Pennsylvania inheritance tax.
The tax rate for Pennsylvania Inheritance Tax is 4.5% for transfers to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs (except charitable organizations, exempt institutions, and government entities that are exempt from tax).
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.
Cash, investments or property held in a trust sit outside of your estate for inheritance tax purposes, and can therefore help you avoid an inheritance tax bill. You may want to set up a trust for your children, grandchildren, or other family members.
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.