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Assets that are subject to inheritance tax include all tangible and intangible property located within the state of Pennsylvania. This includes real property, retirement accounts, investments, savings bonds, personal property, bank accounts, etc.
An inheritance tax return must be filed for every decedent (or person who died) with property that may be subject to PA inheritance tax. The tax is due within nine months of the decedent's death. After nine months, the tax due accrues interest and penalties.
This means that when the beneficiary withdraws those monies from the accounts, the beneficiary will receive a 1099 from the company administering the plan and must report that income on their income tax return (and must pay income taxes on the sum).
The Pennsylvania inheritance tax is technically a tax on the beneficiary's right to receive your property. The amount of tax a beneficiary pays depends on the value of the property they receive and their relationship to you.
The Pennsylvania inheritance tax is a tax on the total assets owned by a decedent at the time of his or her death. In most small estates, the only asset subject to inheritance tax is the property.
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For non-residents, the inheritance tax is imposed on all real property and tangible personal property located in Pennsylvania at the date of the decedent's death.
Most immediate family members pay 4.5% inheritance tax on the property they inherit. This category includes: The deceased person's children and their descendants (whether or not they have been adopted by others), as well as step-descendants. The deceased person's parents and grandparents.
Joint accounts which were made joint more than one year before death are taxed at one half of value. If the Joint Account was made within one year of death it is fully taxable. Life insurance is exempt from PA inheritance tax and federal income tax.
7 Simple Ways to Minimize the Pennsylvania Inheritance Tax Set up joint accounts with the people you wish to benefit. ... Gift your assets to your children. ... Buy extra life insurance. ... Utilize life insurance to give money to beneficiaries who are taxed at the highest tax rates. ... Buy real estate outside of Pennsylvania.
Real property (such as real estate) and tangible personal property located outside of Pennsylvania is not subject to PA inheritance tax. For example, liquid assets such as cash sitting in a bank account is subject to PA inheritance tax.

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