Pennsylvania REV-1508 -- Schedule E - Cash, Bank Deposits & Misc. Personal Property

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Pennsylvania
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PA-SKU-2974
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Description Pa Rev 1508

REV-1508 -- Schedule E - Cash, Bank Deposits & Misc. Personal Property
Pennsylvania REV-1508 -- Schedule E — Cash, Bank Deposits & Misc. Personal Property is a form used by Pennsylvania taxpayers to report cash, bank deposits, and other personal property on their Pennsylvania state income tax return. This form contains information about the type of property reported, its related income, and the associated expenses. Types of property reported include cash, checking and savings accounts, certificates of deposit, money market accounts, money orders, traveler's checks, stocks, bonds, and other personal property. This form must be completed and attached to Form PA-40, the Pennsylvania Individual Income Tax Return.

Pennsylvania REV-1508 -- Schedule E — Cash, Bank Deposits & Misc. Personal Property is a form used by Pennsylvania taxpayers to report cash, bank deposits, and other personal property on their Pennsylvania state income tax return. This form contains information about the type of property reported, its related income, and the associated expenses. Types of property reported include cash, checking and savings accounts, certificates of deposit, money market accounts, money orders, traveler's checks, stocks, bonds, and other personal property. This form must be completed and attached to Form PA-40, the Pennsylvania Individual Income Tax Return.

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FAQ

One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.

Pennsylvania inheritance tax rates A 4.5% tax rate applies to assets that go to lineal heirs. These include children, stepchildren and grandchildren. A 12% tax rate applies to collateral beneficiaries such as siblings. A 15% tax rate applies to other heirs such as nieces and nephews.

How To Avoid Inheritance Tax. One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.

Property owned jointly between spouses is exempt from inheritance tax. Effective for estates of decedents dying after June 30, 2012, certain farm land and other agricultural property are exempt from Pennsylvania inheritance tax, provided the property is transferred to eligible recipients.

The tax is paid on any assets the decedent controlled, such as real estate, bank accounts, car titles, and revocable trusts. Generally, a decedent (while alive) does not control an irrevocable trust ? so there's no inheritance tax on an irrevocable trust.

Property owned jointly between spouses is exempt from inheritance tax.

Out-Of-State Real Estate Is Not Taxed for Pa. Inheritance Tax purposes. Ironically, if the decedent owned a property in Stone Harbor, New Jersey or anywhere outside Pennsylvania, it is not taxed for Pa. Inheritance Tax purposes.

Assets Owned In a Revocable Trust: Generally, if someone dies owning assets in a revocable trust over which he or she had access and control those assets, those assets will be 100% taxable for Pennsylvania inheritance tax purposes.

More info

All property jointly owned with right of survivorship must be disclosed on Schedule F. ITEM. Personal Property (REV-1508) – Department of Revenue (Pennsylvania) form.Use this to report all gross probate estate assets which cannot be reported under any other schedules. TitleFormDateFillableAircraft Jet Fuel Dealer Tax ReturnCDTFA‑501‑MJRev. 16 (03‑23)YesAircraft Jet Fuel Dealer Tax ReturnCDTFA‑501‑MJ‑E(09‑22)YesAirport Code TableCDTFA‑810‑FTIRev. For more information, see the Instructions for Schedule 8812 (Form 1040). Changes to the earned income credit (EIC). TitleFormDateFillableAircraft Jet Fuel Dealer Tax ReturnCDTFA‑501‑MJRev. 16 (03‑23)YesAircraft Jet Fuel Dealer Tax ReturnCDTFA‑501‑MJ‑E(09‑22)YesAirport Code TableCDTFA‑810‑FTIRev. FTB 3532, Head of Household Filing Status Schedule. 65.

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Pennsylvania REV-1508 -- Schedule E - Cash, Bank Deposits & Misc. Personal Property