I inherited $45,000 from my fathers estate last year and did not have to pay anything to the IRS (Federal Government). Only had to pay 4% tax to the state of Pennsylvania.
Was that 4% tax taken out before you received your $45K?
Or did you have to make that happen on your own?
If you don’t mind my personal question.
Your dad had to pay the state to die?
Not even California is that horrible.
“Only had to pay 4% tax to the state of Pennsylvania.”
That is Pennsylvania’s lowest rate.
The rates for Pennsylvania inheritance tax 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.