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Pennsylvania is one of five states that charges an inheritance tax, which ranges from 0 to 15 percent. All property belonging to a resident at the time of death is subject to an inheritance tax.
Inheritance taxes are paid not by the estate of the deceased, but by the inheritors of the estate. For example, the Kentucky inheritance tax "is a tax on the right to receive property from a decedent's estate; both tax and exemptions are based on the relationship of the beneficiary to the decedent." [52]
States With Estate Tax. State. Tax Rates. Exemption Limit. Due Date. Connecticut. 7.2% to 12%. $2.6 million. 9 months after the date of the decedent’s death
For instance, in Pennsylvania, direct descendants (children, grandchildren) pay a 4.5% tax, siblings pay 12% and more distant heirs or unrelated inheritors pay 15%. ... Inheritance tax exemptions ...
These beneficiaries are exempt from inheritance tax. Pennsylvania: Inheritance tax is a flat tax on the value of the decedent's taxable estate as of the date of death, less allowable funeral and administrative expenses and debts of the decedent. Pennsylvania does not allow the six-month-after-date-of-death alternate valuation method that is ...
Pennsylvania. New Jersey. ... There are exemptions in each state that allow for a certain amount of tax-exempt inheritance to different individuals and entities. These amounts vary based on the ...
The Pennsylvania Department of Revenue (DOR) is an agency of the U.S. state of Pennsylvania. The department is responsible for collecting all Pennsylvania taxes, including all corporate taxes and taxes on inheritance, personal income, sales and use, realty transfer, motor fuel, and all other state taxes. [1]
The specifics of the inheritance tax vary by state, but all the states with an inheritance tax-exempt the surviving spouse from the inheritance tax and provide an exemption amount for different ...