Pennsylvania REV-1736 -- Instructions For Form REV-1737-A

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Pennsylvania
Control #:
PA-SKU-2999
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PDF
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Description

REV-1736 -- Instructions For Form REV-1737-A

Pennsylvania REV-1736 -- Instructions For Form REV-1737-A is a document issued by the Pennsylvania Department of Revenue. It provides instructions for filing Form REV-1737-A, which is used by individuals and corporations to report their income and to calculate their Pennsylvania income tax. The form is composed of four parts: Part I — General Information; Part II – Taxable Income; Part II— – Computation of Tax; and Part IV – Other Information. The instructions cover topics such as filing requirements, filing status, exemptions, deductions, credits, estimated taxes, and payments. There are two types of Pennsylvania REV-1736 -- Instructions For Form REV-1737-A: one for individuals and one for corporations.

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FAQ

Pennsylvania is one of the few states that collect inheritance taxes on decedents' property. If you are a resident of Pennsylvania or own assets in the state, then the people or entities that will inherit your property might be required to pay a tax on what they will inherit, depending on how they were related to you.

There is a 4.5% tax applied to transfers to direct descendants and other lineal heirs like grandchildren. There is a 12% tax on transfers to siblings and a 15% tax on transfers to any other heir, with the exception of charitable organizations, exempt institutions and government entities that don't pay 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.

4.5 percent on transfers to direct descendants and lineal heirs; 12 percent on transfers to siblings; and. 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

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.

Out-Of-State Real Estate Is Not Taxed for Pa. Inheritance Tax purposes. Ironically, if the decedent owned a property in Stone Harbor, New Jersey or anywhere outside Pennsylvania, it is not taxed for Pa. Inheritance Tax purposes.

An inheritance tax is a state tax that you pay when you receive money or property from the estate of a deceased person. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate.

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.

More info

A completed REV-1737-1, affidavit of domicile must be included with all filed REV-1737-A, Pennsylvania. Inheritance Tax returns for nonresident decedents.Complete Schedule A for all nonresident estates. Part 1 of this schedule must list and describe all real property located in Pennsylvania. Download Instructions For Form REV-1737-A (REV-1736) – Department of Revenue (Pennsylvania) form. If this oval is checked, you must complete REV-1647,. Schedule M. Federal Estate Tax. Complete this worksheet only if you are claiming an. NOL carryforward on Federal Form 1040 or 1040-SR. 1. Paul, MN 55146-5510.

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Pennsylvania REV-1736 -- Instructions For Form REV-1737-A