Inheritance Tax Return Resident Decedent {REV-1500}

REV-1500 - INHERITANCE TAX RETURN RESIDENT DECEDENT. Pennsylvania inheritance tax is imposed by the Inheritance and Estate Tax Act of 1991, which applies to estates of decedents who died on or after Oct. 3, 1991. The 1991 Act [72 P.S. § 9101 et seq.] was amended in 1994, for estates of decedents who died on or after July 1, 1994 and again in 1995 for estates of decedents who died on or after Jan. 1, 1995. The PA Inheritance Tax was previously imposed by the Inheritance and Estate Tax Act of 1961, which applies to estates of decedents who died between Jan. 1, 1962, and Dec. 13, 1982. The law was amended by Act 255 of 1982, which applies only to estates of decedents who died between Dec. 13, 1982, and Oct. 3, 1991. Information on applicability of inheritance tax to estates of decedents who died before Jan. 1, 1962, can be obtained from the Department of Revenue, Bureau of Individual Taxes. Inheritance tax is a tax on the right of succession or privi-lege of receiving property at a death, and it is imposed upon the transfer of taxable property. The net value subject to tax is determined by subtracting from the value of the gross estate the amount of approved deductions. An inheritance tax return must be filed for every decedent who has property which is or may be subject to tax. You must file a return if you are: • The personal representative. The personal representa- tive (executor or administrator appointed by the Register of Wills) of the decedent’s estate is the person responsi- ble for filing the return and disclosing property of the decedent that the personal representative has or acquires knowledge of, or; • The transferee of property. The transferee of property should file a return if: no personal representative is appointed, if the personal representative does not file a return, or if the personal representative files a return but does not include the subject property. A “transferee” means any person to whom a transfer is made and includes surviving joint tenants, beneficiaries, heirs, legatees, devisees, grantees, assignees, and donees. The return must disclose any asset in which or from which the transferee receives any ownership, interest, income, possession or enjoyment, whether present or future, and whether in trust or otherwise. Separate returns are not to be filed by transferees for property included in a personal representative’s return. The inclusion of property in the return does not constitute an admission that its trans-fer is taxable. www.FormsWorkflow.com