Tax Preparing You Can Count On

You opened up the estate by taking out letters of administration or testamentary at the Register of Wills office; or you received ANY property from someone after their death (referred to as the decedent).

No, unless there is litigation involved. (ex: squabbling amongst beneficiaries)

 All real estate, bank accounts, safe-deposit box items, cash, automobiles, jewelry, etc. located in Pennsylvania at the time of decedent’s death are taxable. All stocks, bonds, bank accounts, loans receivable, etc. are also taxable, regardless of where they are located at the time of decedent’s death. Don’t confuse the Federal Estate tax with the PA Inheritance tax. Federal estate tax is due on estates worth $11,700,000 or more. (depending on the date of death)

That is not true. ‘In Trust For’ accounts are 100% taxable for Inheritance Tax purposes.

Yes. You are required to pay all of the tax, interest and penalties due. 

The Department of Revenue will tell you that as a resident of Pennsylvania you are required to know the law and ignorance of it is no excuse.

Although Veritas can sometimes have the penalties and/or interest waived, due to our knowledge of Inheritance Tax Laws.

The Department of Revenue will place a statutory lien on the property, and if and when the property is transferred or sold Inheritance Taxes will be due. Penalties and interest will be calculated from the date of death of the original decedent, as well as any joint owners that are deceased from original deed. 

Call Veritas to file your Inheritance Tax return. 

We will fax them a copy of your tax return so they will release your funds.

 You must file an Inheritance Tax return and report the date of death balance.

 As long as EVERYTHING was jointly held then an Inheritance Tax return does not have to be filed, but if any property was solely in spouses name, then a return must be filed and the tax rate will be 0%