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Proper Deductions from the Estate in Montgomery County, PA

Posted on Mon Nov 10, 2014, on Probate and Estate Administration

From our “Ask a Question” Mailbag: Proper Deductions from the Estate in Montgomery County, PA

Most Recently Updated July 7, 2018

“My mother left me her Montgomery County home in her will, but it needs repairs. Can I deduct the cost of the repairs against the Pennsylvania Inheritance Tax?”

How to Keep the family home in the family

Proper Deductions from the Estate in Montgomery County

Proper Deductions from the Estate in Montgomery County

The Pennsylvania Inheritance Tax is levied on the net estate value at the date of death, meaning the fair market value of the estate’s assets less the expenses of the estate administration and existing debts.

If at your mother’s death, she left you the home specifically in the will, then you will receive that house as it existed at her death. The tax due will be on the value of that house at her death. Any repairs that you wish to make will not be deductible, but the cost of having your Montgomery County Probate attorney draft and file the deed transferring the title into your name will be a deductible estate expense.

What Can I Use the Estate Money For?

If you are the executor, you need to be careful about spending estate money to repair the house. If you use money that would otherwise pass to other heirs, they can ask the Orphans’ Court to surcharge you for expending estate funds unreasonably and ask you to make up the loss.

More Probate Questions?

Making proper deductions from an estate 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: Proper Deductions from the Estate in Montgomery County

I hope that this article was helpful in explaining proper 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!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do

Peter Klenk, Probate Lawyer

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Estate Administration, Estate Tax, Income Tax Deductions, Montgomery County, Pennsylvania, Probate Attorney, Probate Lawyer

Peter KlenkPeter Klenk

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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!

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