Tag: Pennsylvania Inheritance Tax

Inheritance tax: Exemptions for Farms and Small Businesses: Fourth and Last in a Series

Effective for decedents dying after July 9, 2013, there is a new inheritance tax exemption for qualified family-owned businesses. The law provides: “A transfer of a qualified family-owned business interest to one or more transferees is exempt from inheritance tax, if the qualified family-owned business interest . . . .continues to be owned by a… Read More

Pennsylvania’s Inheritance Tax – Second in a Series

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’s Inheritance Tax – First in a Series

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 This was a very controversial tax and was finally repealed… Read More