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21203061 · Feb 4, 2009, 08:03 PM

My father and I have a home deeded in both of our names,my father passed away three months ago I was wandering if I have to pay an inheritance tax

21203061 · Feb 4, 2009, 08:07 PM

[QUOTE=21203061;1528889]My father and I have a home deeded in both of our names since 2001,my father passed away three months ago I was wandering if I have to pay an inheritance tax in the state of Pennsylvania

eddiy75ru · Jun 13, 2009, 10:23 PM

I have not specific knowledge, but with quick web search I found many recent articles on the subject; you should have done likewise since you obviously can use the Internet. Would believe since your father has passed away and many legal actions are routine to settle his estate, somebody has already explained the situation to you. From the internet articles appears PA taxes any amount from "parent to child" at 4.5%, from "sibling to sibling" at 12%, but none from "spouse to spouse." How the estate value is determined was not clear. In general I doubt having your name on the deed already makes any difference; that would be too simple allowing most people to avoid paying the tax, which seems well established as an income source in PA. Appears several attempts to pass laws reducing the inheritance tax has failed. BTW, the Federal Estate Tax does not apply until over 1.5 (or soon 2.5) Million Dollars; guess Feds could only enact estate tax for wealthier estates.