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inheritance tax

An inheritance tax is a tax imposed on a person who inherits property from a deceased person. There is no federal inheritance tax, but some states have an inheritance tax.

In Pennsylvania, an inheritance tax is imposed on the value of most property transferred from a deceased person to their beneficiaries. The tax rate varies depending on the relationship of the beneficiary to the deceased. As of the current regulations, the tax rates are 0% for transfers to a surviving spouse or to a parent from a child aged 21 or younger, 4.5% for transfers to direct descendants and lineal heirs, 12% for transfers to siblings, and 15% for transfers to other heirs, except charitable organizations, exempt institutions, and government entities which are exempt from tax. There is no federal inheritance tax, but the federal government does impose an estate tax, which is different from an inheritance tax and is based on the value of the estate before it is distributed to the heirs.

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Taxes

inheritance tax

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Pennsylvania State Code

Pennsylvania State Code

Taxes

inheritance tax

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