Category Archives: Taxes
How do you figure out what a house is worth for inheritance tax?
My mother died and left us her house. We got two appraisals, which were near the value listed for real estate taxes. Then, we received a cash offer for a higher amount. Do we pay taxes on the appraisal amount, or the amount we will now sell the house for? You have an argument for […]
Do I Owe PA Inheritance Tax?
My mother transferred her Montgomery County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax? Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death, and includes all gifts made within […]
Do lifetime transfers avoid inheritance tax?
My father wants to transfer a rental property he owns in Montgomery County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax? As a Montgomery County resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the […]
Inheritance and Estate Taxes for Pennsylvania Estates
Tax Returns for Pennsylvania Estates and Probate: If you are the executor of a Pennsylvania estate, you are responsible for filing all required tax returns. This will likely include the deceased’s last personal income tax return, both Pennsylvania and federal for all income from January first through the date of death. These are Forms 1040 […]
Pennsylvania Probate and Inheritance Tax
Goal: Helping you to understand how the Pennsylvania Inheritance Tax Works Whenever I am helping my Pennsylvania clients with estate planning, or working with the executor of a Pennsylvania estate, I am given the opportunity to explain how the Pennsylvania Inheritance Tax works. First, let’s break the tax down to its roots. The Pennsylvania Inheritance […]
