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Is there a limit on the PA Inheritance Tax?
Each Pennsylvania estate is subject to two potential estate related taxes; the Pennsylvania Inheritance Tax and the FederalEstate Tax. When you mention a “limit”, you are speaking about the Federal Estate Tax, not the Pennsylvania Inheritance Tax. The Federal Estate Tax exempts the first $5,000,000.00 (adjusted for inflation) of each estate from taxation. This means […]
My mother’s Philadelphia house needs repairs before I sell it as executor. Will the repair costs be deductible against the Pennsylvania Inheritance Tax?
The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts. If repairing the house for sale is reasonable, and the expenses paid are reasonable, they will be deducted from the sale proceeds when calculating the net estate. As an executor, you […]
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 […]
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