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Pennsylvania Free Printable Instructions for REV-1502 Schedule A - Real Estate for 2024 Pennsylvania Schedule A - Real Estate (Instructions)

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Schedule A - Real Estate (Instructions)
Instructions for REV-1502 Schedule A - Real Estate

Instructions for REV-1502 Schedule A Real Estate REV-1502 EX (10-15) GENERAL INFORMATION PURPOSE OF SCHEDULE Use REV-1502 Schedule A to report all Pennsylvania real estate held by the decedent solely or as tenant-in-common. FORM INSTRUCTIONS ESTATE OF Enter the complete name of the estate as shown on the REV-1500, Pennsylvania Inheritance Tax Return. FILE NUMBER Enter the file number of the estate assigned by the Register of Wills as shown on the REV-1500, Pennsylvania Inheritance Tax Return. GENERAL INSTRUCTIONS DESCRIPTION Report the physical street address of the property and the parcel ID number. When reporting the fractional interest in a parcel of real property owned as a tenant-in-common, state the decedent’s fractional interest, include the full value of the property with the description, and enter only the value of the decedent’s interest in the column marked, “Value at Date of Death”. Supply a copy of the deed showing the fractional interest. VALUE AT DATE OF DEATH Estates are required to report all real estate at the fair market value as of the date of death. Fair market value is defined as the price at which the property would be sold by a willing seller, not compelled to sell, to a willing buyer, not compelled to buy, when both have reasonable knowledge of the relevant facts. www.revenue.pa.gov There are three methods to value the property at date of death: sale price, appraisal value or county tax assessment multiplied by the common level ratio factor. The Department of Revenue allows up to 15 months after the date of death to report a sale price. If you use the sale price, you must report the gross sales price. Important. Attach a copy of the tax assessment notice, certified appraisal, or settlement sheet (HUD1) used to value the real property. If the real estate was sold to a family member or anyone associated with the administration of the estate, an appraisal or other documentary evidence of the fair market value must be submitted to verify that the real estate was sold at the fair market value. Important. Sale price can only be reported if the real estate was sold within 15 months of the date of death. Special Farm Use Valuation For dates prior to July 1, 2012, land devoted to agricultural use, agriculture reserve or forest reserve may be eligible for preferential assessment measured by particular use, rather than by fair market value. This preferential valuation may be used to determine county property tax assessments. If you elect to use this method of valuation, the special use valuation under the Pennsylvania Farmland and Forest Land Assessment Act of 1974, 72 P.S. §5490.1, et. seq. must be reported. You will also be required to submit fair market value appraisals of the residential property, farm outbuildings and agricultural property so that a proper valuation may be made if the special use is discontinued or if the property does not meet all requirements. Agriculture Exemptions For dates of death on or after July 1, 2012, real estate that qualifies under the Agriculture Exemptions enacted by Act 85 of 2012 may be exempt from inheritance tax. For more information, refer to Inheritance Tax Informational Notice Inheritance tax 2012-01. Note. Real estate held between a decedent and his or her surviving spouse as either tenants by the entireties or joint tenants with right of survivorship for more than one year prior to the decedent's death is exempt from inheritance tax. Note. Real estate situated outside of Pennsylvania is exempt from Pennsylvania inheritance tax unless under contract to sell prior to death. See REV-1508, Schedule E. TOTAL Total all items in the Value at Date of Death column and enter value here. Enter this value on Line 1, Page 2 of the REV-1500. Caution. A retained life estate is fully taxable and should be reported on REV-1510, Schedule G. Real estate held as joint with right of survivorship, except between spouses, is reportable on REV-1509, Schedule F. All real estate held in a trust should be reported on REV-1510, Schedule G. The decedent’s indebtedness for any mortgages on the real estate reported on this schedule should be claimed on REV-1512, Schedule I. REV-1502 1
Extracted from PDF file 2023-pennsylvania-rev-1502-instructions.pdf, last modified October 2015

More about the Pennsylvania REV-1502 (Instructions) Estate Tax TY 2023

We last updated the Schedule A - Real Estate (Instructions) in February 2024, so this is the latest version of REV-1502 (Instructions), fully updated for tax year 2023. You can download or print current or past-year PDFs of REV-1502 (Instructions) directly from TaxFormFinder. You can print other Pennsylvania tax forms here.

Related Pennsylvania Estate Tax Forms:

TaxFormFinder has an additional 174 Pennsylvania income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Pennsylvania REV-1502 (Instructions).

Form Code Form Name
Form REV-1502 Schedule A - Real Estate

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 REV-1502 (Instructions) 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 REV-1502 (Instructions)

We have a total of two past-year versions of REV-1502 (Instructions) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 REV-1502 (Instructions)

Instructions for REV-1502 Schedule A - Real Estate

2022 REV-1502 (Instructions)

Instructions for REV-1502 Schedule A - Real Estate

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