From our “Ask a Question” mailbag: Does the Pennsylvania Inheritance Tax include my mother’s antiques?
If your mother died a Pennsylvania resident, then the estate must pay the Pennsylvania Inheritance Tax on the fair market value of all of her taxable assets, including her antiques.
If these antiques are passing to you, the tax rate will be 4.5%, due within nine months of her death. If the assets are valuable, we must attach an appraisal to the Inheritance Tax Return proving the fair market value on the date of her death.
There are many ways to get a proper appraisal for antiques, including going to experts like the team at Freemans Auctions in Center City Philadelphia. A proper appraisal will also be useful to you in the future to prove your tax basis. By documenting properly the tax basis, you may save a large tax bill when you sell the assets at a future date.
If you would like more information about time Pennsylvania Probate and Inheritance Taxes, please feel free to contact our office for a free consultation.