Inheritance Tax Treatment of Gifts Transfers made by a decedent within one year of death are brought back into the estate for the purposes of the Pennsylvania Inheritance Tax. You can’t avoid the inheritance tax by giving away everything you own right before you die. There is an exemption of $3,000 per donee per calendar… Read More
Pennsylvania has an inheritance tax which is an excise tax on the receipt of inherited property by a beneficiary. Rates depend on relationship For property passing to spouses, zero percent. Prior to 1995, transfers passing to spouses were taxable at the six percent rate. This was a very controversial tax and was finally repealed… Read More
Pennsylvania’s 2013-14 budget passed the legislature and was signed into law by the Governor on July 9, 2013. Tucked away in Section 34 on page 143 of the 165 page Act 52 is a new inheritance tax exemption for qualified family-owned businesses. It states: “A transfer of a qualified family-owned business interest to one or… Read More
Extra! Extra! Read all about it! A new law that ends the Pennsylvania inheritance tax on family farms was part of the 2012-13 state budget package. Governor Corbett signed the Act on July 2nd. The repeal of the inheritance tax on certain farms is effective for the estates of decedents dying after June 30, 2012.… Read More