Pennsylvania REV-1512 Instructions -- Instructions for REV-1512 Schedule I — Debts of Decedent, Mortgage Liabilities & Liens consists of two parts. Part 1 — Debts of Decedent This part requires the executor to list all debts that were owed by the decedent at the time of death. This includes all credit cards, personal loans, medical bills, and any other type of debt. The executor must provide the name of the creditor, the date of the debt, the amount of the debt, and any other relevant information. Part 2 — Mortgage Liabilities and Liens This part requires the executor to list all mortgages, liens, and other encumbrances on the decedent's real or personal property. This includes any liens against the decedent's estate, such as estate taxes, mortgages, and judgments. The executor must provide the name of the lien holder, the date of the lien, the amount of the lien, and any other relevant information. The executor must ensure that all debts and liens are reported accurately on REV-1512 Schedule I. Failure to accurately report all debts and liens may result in penalties or other legal consequences.
Pennsylvania REV-1512 Instructions -- Instructions for REV-1512 Schedule I - Debts of Decedent, Mortgage Liabilities & Liens
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FAQ
Property owned jointly between spouses is exempt from inheritance tax.
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.
Assets Owned In a Revocable Trust: Generally, if someone dies owning assets in a revocable trust over which he or she had access and control those assets, those assets will be 100% taxable for Pennsylvania inheritance tax purposes.
Estate and inheritance taxes are taxes levied on the transfer of property at death. An estate tax is levied on the estate of the deceased while an inheritance tax is levied on the heirs of the deceased.
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.
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.
The tax is paid on any assets the decedent controlled, such as real estate, bank accounts, car titles, and revocable trusts. Generally, a decedent (while alive) does not control an irrevocable trust ? so there's no inheritance tax on an irrevocable trust.
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.