Snuff 10 Posted September 7, 2007 Wife and I just inherited a vehicle from her grandmother. Will we have to pay inheritance tax on it? How's all that crap work? How much would it be? We live in PA. Share this post Link to post Share on other sites
edjr 6,580 Posted September 7, 2007 KEEP VOTING FOR BIG GOVERNMENT! Share this post Link to post Share on other sites
Snuff 10 Posted September 7, 2007 C'mon you fockers, do my research for me and let me know already! Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted September 7, 2007 Don't worry. Not only will the Federal gubment come after you, but so will PA. Bend over now. Share this post Link to post Share on other sites
akaoni 0 Posted September 7, 2007 LINK Inheritance tax is calculated at a percentage of the value of the assets transferred which is determined by the relationship of the heir to the decedent and the decedent’s date of death. For dates of death on or after July 1, 2000, the tax rate for Pennsylvania Inheritance Tax is 4.5 percent for transfers to direct descendants (lineal heirs), 12 percent for transfers to siblings, and 15 percent for transfers to other heirs (except charitable organizations, exempt institutions, and government entities). Property owned jointly between husband and wife is exempt from Inheritance Tax, while property inherited from a spouse, or from a child twenty-one or younger by a parent is taxed at a rate of 0 percent. So it looks like a 4.5 percent tax, but your grandmother's estate might be responsible for that...also, I believe there are minimums that apply. Also this was very simple to google. Keep that bit of free advice for future reference. Also, I believe there are no federal taxes on estates under $2,000,000 if the proper exemption is claimed. Share this post Link to post Share on other sites
The Moz 69 Posted September 7, 2007 What about if you inherit a bunch of money from rich inlaws in Montreal ? My damn Inlaws literally have millions and noone else to leave it to other than my wife and her Brother. Just wondering when they finally kick it will I have to pay an inhertitance tax being that the money if coming from a different country. Nevermind the bastards are Chinese and will live to 100 Share this post Link to post Share on other sites
Snuff 10 Posted September 7, 2007 Thanks Akaoni. Also, wtf is up with inheritance tax? I mean wtf? Why do you have to pay taxes on something left to you from a loved one? I don't get it. Focking gubment. Taxes out the ass. Share this post Link to post Share on other sites
NorthernVike 2,083 Posted September 7, 2007 Thanks Akaoni.Also, wtf is up with inheritance tax? I mean wtf? Why do you have to pay taxes on something left to you from a loved one? I don't get it. Focking gubment. Taxes out the ass. The Republicans want to get rid of the inheritance tax, but some others in WDC dont want to Share this post Link to post Share on other sites
Old School 360 Posted September 8, 2007 Seriously think about it, taxed on the income when the money was first earned, taxed on the savings if the money was saved, of course taxed on any money that was spent (sales tax) and now taxed on inheritence tax when the money is passed to a family member. Give me a focking break. How many times & ways can they focking tax you? Share this post Link to post Share on other sites
p.man 7 Posted September 8, 2007 What about if you inherit a bunch of money from rich inlaws in Montreal ? My damn Inlaws literally have millions and noone else to leave it to other than my wife and her Brother. Just wondering when they finally kick it will I have to pay an inhertitance tax being that the money if coming from a different country. Nevermind the bastards are Chinese and will live to 100 Just pack up and move up there for a while. Share this post Link to post Share on other sites
GettnHuge 2 Posted September 8, 2007 Thanks Akaoni.Also, wtf is up with inheritance tax? I mean wtf? Why do you have to pay taxes on something left to you from a loved one? I don't get it. Focking gubment. Taxes out the ass. vote in enough Repubs and that along with much of the cap gains taxes will disappear. Share this post Link to post Share on other sites
BudBro 180 Posted September 8, 2007 vote in enough Repubs and that along with much of the cap gains taxes will disappear. we're hoping corporate taxes disappear also. Share this post Link to post Share on other sites
VikesFan 1 Posted September 9, 2007 What about if you inherit a bunch of money from rich inlaws in Montreal ? My damn Inlaws literally have millions and noone else to leave it to other than my wife and her Brother. Just wondering when they finally kick it will I have to pay an inhertitance tax being that the money if coming from a different country. Nevermind the bastards are Chinese and will live to 100 In your case, the Canadian government will probably want some too. Share this post Link to post Share on other sites
