Legal Question in Tax Law in Pennsylvania

Re: inheritance tax

There is no INCOME tax on inheritances. Depending upon the size of the Estate, there may be an Estate Tax to the IRS and State. Estate Taxes are based upon the amount of the estate. In addition, there may be a State Inheritance Tax. This tax is based upon the relationship between the decedent and the beneficiary and the amount of the bequest. So, for example, in NJ, a bequest between parent and child is not subject to NJ Inheritance Tax, but if the estate is above $675k it is subject to NJ ESTATE tax. Each state has different requirements.

You should hire a good tax and estate lawyer.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com