Do I need to pay inheritance tax on a property owned by my father and I if he passes away?
My father and I are purchasing a property together. Should he pass away, do I need to pay inheritance tax if he leaves his share to me, and if so, is it on only the equity value of the property or the full market value of the property? This is in the state of Pennsylvania. Thank you.
Pa Inheritance Tax – Explanation of Process?
My sisters (who lived outside of pa) and I inherited a house, some cash from bank acct and Ira account from our mom ( pa resident). One of the sister was the executor of the estate who also has her name on my Mom’s Bank acct. We sold the house and have a gain. Now who is responsible to file Pa Inheritance Tax? The executor who live outside of pa? Or each beneficiary? How does each bene pays the inheritance tax ? Pls explain the process. Thank you.
Am I required to pay inheritance tax?
My parents added my name on their bank accounts in the event something were to happen to them. My father passed away last year, his estate and assets all went to my mother who is still surviving. I received notice from the “PA Department of Revenue” that I owe inhertiance tax on the money in his bank account.