Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 14
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27country or territory wherein the property is located. Tangible
SCHEDULE D
MORTGAGES & NOTES RECEIVABLE
personal property located outside Pennsylvania is not subject to
inheritance tax.
If any article (e.g., jewelry, furs, silverware or paintings, etc.) is
worth more than $3,000, or if any collection of articles in one
category is valued at more than $10,000, include an appraisal by
an expert and that appraiser’s statement concerning his qualifi-
cations.
For cash in banks and other financial institutions, report the
name and address of the financial institution, the account num-
ber, nature of the account (i.e., checking, savings) and the date
of death balance. Retain any statements obtained from the finan-
cial organizations for inspection by the Department of Revenue.
It will be helpful to attach copies of such statements to the
return. For estates of decedents with a date of death after
December 12, 1982, all life insurance policies on the life of the
decedent, payable to the estate or to a named beneficiary, are
exempt from Inheritance Tax.
1. Mortgages - Include the face value and unpaid balance, date
of mortgage, date of maturity, name of maker, property
This schedule should be used to report the proceeds received by
mortgaged, mortgage book reference, schedule of payments,
an estate representative for any personal injury claim instituted
interest dates and rate of interest. This category refers to an
by the decedent prior to the decedent’s date of death. Also, report
asset of the decedent, i.e., the decedent was the person
receiving the mortgage payments.
any proceeds received from a settlement of a wrongful
2. Promissory Notes - Include data similar to that required in
death/survival action claim instituted and paid to the estate rep-
mortgages in the preceding paragraph.
resentative after the decedent’s date of death. In all cases, a copy
of the petition to the court for the approval of the settlement
SCHEDULE E
and/or allocation and a copy of the signed court order and the
CASH, BANK DEPOSITS, &
date the monies were received by the estate should be attached.
MISC. PERSONAL PROPERTY
All personal injury claims instituted prior to the decedent’s date
of death and funds allocated to the survival action as part of a
wrongful death/survival action claim are subject to Pennsylvania
inheritance tax. Only the decedent’s spouse, child or parent
can institute a wrongful death claim. If the Department of
Revenue has previously reviewed and accepted the settlement,
please attach verification. In cases where structured settlements
have been accepted or there is an agreement to provide payments
for a number of years, it will be necessary for the estate to sub-
mit information sufficient for the Department to calculate the
present value of such distributions.
SCHEDULE F
JOINTLY-OWNED PROPERTY
List on Schedule E all items of the gross probate estate not
reportable under any other schedule, such as: jewelry, wearing
apparel, household goods and furnishings, books, paintings,
automobiles, boats, time shares, farm products, livestock, farm
machinery, cash on hand and in financial institutions, money
market funds, salaries or wages, debts due to the decedent, rents,
rents due, but not collected or rent accrued, but not due, on the
date of death, leaseholds, royalties, patents, judgments, rever-
sionary or remainder interests.
IRA’s, annuities and pension plans payable to the estate are
reported on this schedule. All other IRA’s, annuities and pension
plans that have named beneficiaries should be reported on
Schedule G. A detailed discussion of the taxability of these items
can be found in the instructions for Schedule G.
Include on Schedule F all property of whatever kind or charac-
Schedule E must include a list of all real property situated out-
t e r, whether real estate situated in the Commonwealth of
side the Commonwealth, which the decedent had contracted to
Pennsylvania or personal property, (except tangible personal
sell and for which settlement had not occurred prior to death,
property with a foreign situs) in which the decedent held an
provided that the property is not subject to death tax in the state,
interest as a joint tenant with right of survivorship with someone
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