Pennsylvania REV-1514 Instructions -- Instructions for REV-1514 Schedule K — Life Estate, Annuity & Term Certain is a form used to report the transfer of a life estate, annuity, or term certain interest in Pennsylvania. It is used to report the transfer of such interests to an individual, trust, or other entity, or the termination of the interest. The form is filed with the appropriate Pennsylvania County Recorder of Deeds for recording. The form is divided into two parts: Part A, which is used to report the transfer of the life estate, annuity, or term certain interest; and Part B, which is used to report the termination of the interest. Part A: Part A requires the reporting of the granter’s name, address, and Social Security number, as well as the date of transfer and the county in which the transfer was made. Additionally, it requires reporting of the grantee’s name, address, and Social Security number. Details of the life estate, annuity, or term certain interest must also be reported, including the amount, term, and value of the interest. Part B: Part B requires the reporting of the granter’s name, address, and Social Security number, as well as the date of termination and the county in which the termination was made. The form also requires reporting of the original grantee’s name, address, and Social Security number. Details of the life estate, annuity, or term certain interest must also be reported, including the amount, term, and value of the interest.
Pennsylvania REV-1514 Instructions -- Instructions for REV-1514 Schedule K - Life Estate, Annuity & Term Certain
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FAQ
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.
A life estate deed is a legal document that grants real estate ownership to two or more parties ing to two types of interest. The life tenant acquires what is called a ?life estate,? which generally means they can live on and make use of the property until the designated person's death.
Annuities are taxed as ordinary income when inherited. The proceeds of inheritance are taxable. If a beneficiary opts to receive the money all at once, they must pay taxes immediately.
A surviving spouse does not owe Pennsylvania inheritance tax, but other inheritors might have to pay. Need Professional Help? Talk to an Estate Planning Attorney.
To calculate the taxable value of the life estate and remainder interest, the life estate and remainder factors based upon Y's age are multiplied by the total purchase price.
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.
As a result of the life estate interest, the property value will be subject to PA Inheritance Tax upon the death of the life tenant. PA has varying tax rates depending on how the decedent is related to the person inheriting.