Instructions For Rev-1510 Schedule G - Inter-Vivos Transfers & Misc. Non-Probate Property

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Instructions for Rev-1510 Schedule G
Inter-Vivos Transfers & Misc. Non-Probate Property
For example, if the decedent
reassert control of the asset are
General Information
transferred $10,000.00 within one
taxable if the reversionary interest
year of death, $7,000.00 would be
exceeds 5% of the value of the
subject to tax.
transferred property.
Purpose of Schedule
Use Rev-1510 Schedule G to report
Taxable Value
Life Estate
all transfers made by decedent
Enter the taxable amount of the
Transfers in which the decedent
during life, by trust or otherwise, to
decedent’s interest less any exclusion
reserved a life interest are fully
the extent that they were made
if applicable. This is the amount
taxable. This includes transfers
without valuable and adequate
subject to tax.
where the decedent expressly or
consideration in money or money’s
impliedly reserved for life or any
worth at the time of the transfer.
Total
period which does not, in fact, end
before death, the income or
Total all items in the Taxable Value
enjoyment of the property.
column and enter value here. Enter
Form Instructions
For example, a reservation of a
this value on Line 7 Page 2 of the
life interest includes the right to use
REV-1500.
Estate of
or occupy the property or receive
Enter the complete name of the
rents. Continued occupancy without
estate as shown on the REV-1500,
the payment of rent would subject
Transfers subject to
Pennsylvania Inheritance Tax Return.
the property to tax
tax
Promises by Transferee
File Number
Transfers in which the transferee
IRA’s, Annuities and
Enter the file number of the estate
promises to make payments to or
assigned by the Register of Wills as
Pension Plans
care for the transferor during the
shown on the REV-1500,
IRA’s are fully taxable if the decedent
remainder of the transferor’s life.
Pennsylvania Inheritance Tax Return.
was 59½ years of age or older or
considered disabled at any age.
Revocable and Tentative
If the decedent was younger
General Instructions
Trusts
than 59½ years of age, it would only
Trusts Include transfers under which
be taxable if he or she was disabled
the decedent had the power to alter,
Description
and not subject to the 10% penalty
amend, or revoke the interest of the
Report the name of the transferee,
imposed by the IRS for a pre-mature
beneficiary, e.g. In trust for “ITF”
their relationship to the decedent and
withdrawal.
accounts.
the date of the transfer.
Supply a copy of the deed for real
Note. Employer sponsored
Important. When a trust is
estate.
retirement plans are exempt
reported, a copy of the
from tax if the decedent,
instrument creating the trust
during his lifetime, did not have the
is required as well as a valuation of
Value at Date of Death
right to possess, enjoy, assign or
the assets contained in the trust.
anticipate the payments made. A
Transfers should be valued as of the
pension plan where the decedent’s
date of death and not the date of
only rights were to designate a
transfer. You must include all
beneficiary and receive a regular
transfers in the gross estate on this
An estate representative can request
monthly payment would not be
schedule.
separate billing for non-probate
subject to tax.
assets. All information on the
% of Decedent’s interest
Schedule G must be completed and
Report the percent of the decedent’s
the address of the transferee
Joint Tenancy
interest that is subject to tax.
included. This option should only be
Any assets made joint with another
used when there is no tax clause
person within one year of death are
Exclusion
requiring the estate to pay the tax.
fully taxable. The transferee may
Transfers made within one year of
claim a $3,000.00 exclusion.
death are eligible for a $3,000.00
exclusion to the extent they exceed
Retained Reversionary
$3,000.00 in value. A $3,000.00
Important. Life insurance
Interest
proceeds are not subject to
exclusion may be taken per
inheritance tax.
transferee, per calendar year.
Transfers where the decedent
reserved the right to regain or

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Parent category: Financial
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