Q. We live in Pennsylvania but we have a vacation home in Delaware. Is this subject to Pennsylvania Inheritance tax?
A. When a decedent dies and owns real property in Pennsylvania, they must report that on a Pennsylvania Inheritance Tax return. When that real property is outside of Pennsylvania, you do not have to include it on the PA Inheritance tax return. Delaware does not have an Inheritance Tax in 2008.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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