From our “Ask a Question” Mailbag: Pennsylvania Inheritance Tax Inclusions

Most Recently Updated July, 19, 2018.

“Does the Pennsylvania Inheritance Tax include my mother’s antiques?”

Pennsylvania Inheritance Tax Inclusions

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.

Proper Appraisal of Antiques is Key

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.

More Probate Questions?

The PA Inheritance Tax 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: Pennsylvania Inheritance Tax Inclusions

I hope that this article was helpful in explaining inclusions for the PA Inheritance Tax. 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: Chester County, Inheritance Tax, Pennsylvania, Pennsylvania Inheritance Tax rates, Probate, Probate Attorney, Probate Lawyer