Pennsylvania REV-1512 -- Schedule I — Debts of Decedent, Mortgage Liabilities & Liens is a form used to report the debts of a deceased person to the Pennsylvania Department of Revenue. This form includes all mortgage liabilities and liens of the decedent, such as debts owed to lenders, credit card companies, banks, and other financial institutions. The form must include the name of the creditor, the amount due, and the date the debt was incurred. The form must also include the name of the decedent, the date of death, and the decedent's Social Security number. There are three types of Pennsylvania REV-1512 -- Schedule I — Debts of Decedent, Mortgage Liabilities & Liens: Secured Debts, Unsecured Debts, and Liens. Secured debts are debts that are backed by collateral, such as a house or car. Unsecured debts are not backed by any collateral and include credit cards, medical bills, and other debts. Liens are legal claims on a property, such as a tax lien or mechanic’s lien.
Pennsylvania REV-1512 -- Schedule I - Debts of Decedent, Mortgage Liabilities & Liens
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FAQ
The purpose of REV-1543 is to make sure that the tax on a joint bank account is paid regardless of whether an estate files a REV-1500. The purpose of checkbox E on the REV- 1543 is to deflect tax collection efforts away from the surviving joint owner toward the estate, so that the tax is not being collected twice.
The responsible party is the person named in the will as executor or, if the person dies without a will, the individual who is approved as administrator by the register of wills after a petition is filed.
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.
Property owned jointly between husband and wife is exempt from inheritance tax, while property inherited from a spouse, or from a child aged 21 or younger by a parent, is taxed a rate of 0%. Inheritance tax returns are due nine calendar months after a person's death.
Form REV-516 "Notice of Transfer"(Stocks,Bonds, Securities or Security Accounts held in Beneficiary Form) to request Waiver Notice of Transfer, must be completed and submitted to... Form REV-998 and Form REV-999 have replaced PA Schedule D(P/S).
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.
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. After nine months, the tax due accrues interest and penalties.
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.