Posts from October 2022.
Posted in Tax Law
Debt Forgiveness and Pennsylvania Inheritance Tax

Have you made a loan to family and/or friends, such as a mortgage?  You are currently requiring payments on that mortgage from your family and/or friends, but do you want to forgive that debt, if a balance remains, upon your death?  If you are a Pennsylvania resident, there are a few key pieces of information that you and your family and/or friends paying that loan should be aware of.

If you are a Pennsylvania resident, then your estate is subject to Pennsylvania inheritance tax upon your death.  Generally, Pennsylvania inheritance tax is imposed starting at dollar $1 of your estate.  And the ...

Tags: Tax Law