Deductions from PA Inheritance Tax in Bucks County, PA
Posted on Wed Nov 19, 2014, on Probate and Estate Administration
From our “Ask a Question” Mailbag: Deductions from PA Inheritance Tax in Bucks County, PA
Most Recently Updated July 8, 2018.
“As executor of my father’s Bucks County estate, may I deduct the closing costs of selling his home against the Pennsylvania Inheritance Tax?”
Deductions from PA Inheritance Tax in Bucks County
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.
The reasonable costs of selling the house is an expense of the estate, and will be deductible against the sale price when calculating the Pennsylvania Inheritance Tax due. The same would hold for any liens or mortgages on the home.
More Probate Questions?
PA Inheritance Tax deductions is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.
In Conclusion: Deductions from PA Inheritance Tax in Bucks County, PA
I hope that this article was helpful in explaining PA Inheritance Tax deductions. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Tags:Bucks County, Income Tax Deductions, Inheritance Tax, Pennsylvania, Probate Attorney, Probate Lawyer