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Pennsylvania Free Printable Inheritance Tax General Information (REV-720) for 2024 Pennsylvania Brochure: Inheritance Tax General Information

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Brochure: Inheritance Tax General Information
Inheritance Tax General Information (REV-720)

INHERITANCE TAX GENERAL INFORMATION REV-720 (SU) 02-23 WHO MUST FILE A Pennsylvania Inheritance Tax Return, REV-1500, must be filed for every decedent with property that may be subject to Pennsylvania inheritance tax. • The personal representative (executor or administrator appointed by the Register of Wills) of a decedent’s estate is the person responsible for disclosing property of the decedent and filing the inheritance tax 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 disclose all transferred property, then the transferee of property should file an inheritance tax return. • A transferee is any person to whom property from the decedent is transferred, including surviving joint tenants, beneficiaries and heirs. The transferee must disclose any asset in which or of which he or she 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. WHEN TO FILE An inheritance tax return should be filed as soon as possible after a decedent’s death, but no later than nine months from the decedent’s date of death. Failure to file may subject the estate to a penalty of 25 percent of the tax ultimately found to be due or $1,000, whichever is less. WHERE TO FILE An inheritance tax return must be filed in duplicate with the Register of Wills of the county in which the decedent was a resident at the time of death. PAYMENT OF TAX $ Tax on property transferred is due within nine months of the decedent’s death. A five percent discount is allowed on the tax paid within three calendar months of a decedent’s death. No discount applies to any amount that may be subsequently refunded. A pre-payment of tax may be made at the Register of Wills before the REV-1500 is filed. In writing, supply the Register with the decedent’s full name, date of death and Social Security number along with the prepayment. All checks must be made payable to “Register of Wills, Agent” and presented to the Register of Wills of the county where the decedent resided. TAX RATES The rates for Pennsylvania inheritance tax as of July 1, 2000 are as follows: • 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger*; • 4.5 percent on transfers to direct descendants and lineal heirs; • 12 percent on transfers to siblings; and • 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax. Tax rates for dates of death prior to July 1, 2000 can be found by visiting www.revenue.pa.gov. NOTE: Parental Transfers to Minor Children: 0 percent - For dates of death on or after January 1, 2020, transfers to or for the use of a child twenty-one years of age or younger from a natural parent, an adoptive parent or a stepparent of the child are subject to a zero-tax rate. INTEREST Interest on overdue inheritance tax is charged nine months and one day from the date of death, to the date of payment. Interest rates are detailed in form REV-1611, available at www.revenue.pa.gov. An online interest and penalty calculator is also available on the department’s online portal, mypath.pa.gov. FORMS Inheritance tax forms, schedules and instructions are available at www.revenue.pa.gov. You may also order any Pennsylvania tax form or schedule by calling, toll-free 1-800-362-2050. Schedules A through G are used to report assets of the estate. Schedules H and I are used to report debts and deductions of the estate. Schedules K through O are used to report life estates, remainders and future interest compromises. Instructions for each schedule are available on the department’s website. The REV-1500, Pennsylvania Inheritance Tax Return and corresponding instructions for more specific information are available on the department’s website. TAXABLE PROPERTY In general, any items the decedent owned solely, jointly or in trust are taxable unless specifically excluded from taxation by law. For additional information see instructions for Schedules A, B, C, D, E, F and G for descriptions of taxable property. ACTIVE-DUTY MILITARY MEMBER EXEMPTION Effective for estates of decedents dying on or after September 6, 2022, personal property that is transferred from the estate of a serving military member who has died as a result of an injury or illness received while on active duty in the armed forces, a reserve component or the National Guard, is exempt from inheritance tax. VALUATION Generally, valuation is based on the fair market value as of the decedent’s date of death. Special rules apply for valuation of life estates and future interests created by a decedent. See the instructions for Schedules K and M for more information. Special rules also apply to the taxation of farmland and small business interests. See the instructions for Schedules AU and C-SB for further information concerning these provisions. NOTE: Pennsylvania does not utilize or accept a six-month alternate valuation date like the federal government does. DEDUCTIONS Funeral expenses, administrative costs and debts owed by the decedent at the time of death are deductions allowed against the inheritance tax liability. See the instructions for Schedules H and I for descriptions of allowable deductions. APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX After an inheritance tax return is filed, the Department of Revenue issues a notice setting forth its valuation of the estate’s assets, allowable deductions and tax due. Depending on the complexity of the return, it can take three to six months from the date a return is filed with the Register of Wills for processing to be completed. PROTEST, NOTICE OR APPEAL Any party with interest in the estate, who is not satisfied with a department determination of estate value, allowance or disallowance of inheritance tax deductions and/or tax liability, may appeal within 60 days of receipt of the notice to which objection is made. Appeal information is available at www.boardofappeals.state.pa.us. ? FREQUENTLY ASKED QUESTIONS Review Revenue’s Online Customer Service Center at www.revenue.pa.gov for answers to frequently asked questions. There you may also submit questions specific to an estate to a customer service representative.
Extracted from PDF file 2023-pennsylvania-form-rev-720.pdf, last modified March 2023

More about the Pennsylvania Form REV-720 Estate Tax TY 2023

We last updated the Brochure: Inheritance Tax General Information in February 2024, so this is the latest version of Form REV-720, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form REV-720 directly from TaxFormFinder. You can print other Pennsylvania tax forms here.

Other Pennsylvania Estate Tax Forms:

TaxFormFinder has an additional 174 Pennsylvania income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form REV-1500 Inheritance Tax Return - Resident Decedent
Form REV-516 Request for Waiver or Notice of Transfer (For Stocks, Bonds, Securities or Security Accounts Held in Beneficiary Form (REV-516)
Form REV-1508 Schedule E - Cash, Bank Deposits & Misc. Personal Property
Form REV-1737-A Inheritance Tax Return - Nonresident Decedent
Form REV-1510 Schedule G - Inter-Vivos Transfers and Misc. Non-Probate Property

Download all PA tax forms View all 175 Pennsylvania Income Tax Forms

Form Sources:

Pennsylvania usually releases forms for the current tax year between January and April. We last updated Pennsylvania Form REV-720 from the Department of Revenue in February 2024.

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About the Estate Tax

The IRS, and many states, impose an estate tax on the transfer of cash and property between a decedent and their beneficiaries. These taxes generally only apply to estates over a certain size threshold, generally several million dollars, and therefore only affects the largest few percent of estates in the United States.

Historical Past-Year Versions of Pennsylvania Form REV-720

We have a total of ten past-year versions of Form REV-720 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form REV-720

Inheritance Tax General Information (REV-720)

2022 Form REV-720

Inheritance Tax General Information (REV-720)

2021 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

2020 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

2019 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

2018 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

2017 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

2016 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

Forms/Publications 2015 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

Forms/Publications 2014 Form REV-720

Brochure: Inheritance Tax General Information (REV-720)

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