I am a resident of Pennsylvania and received an inheritance from a PA resident. The estate of that person paid all the taxes that are due on my inheritance. Do I still need to report it on my PA income tax return?
You'll need to sign in or create an account to connect with an expert.
An inheritance is not taxable on a PA income tax return. However, it is used to calculate your eligibility for the PA Tax Forgiveness Credit. If you received a K1 from the estate administrator, that income IS reported and taxable on your individual PA income tax return. The K1 reports income earned by the estate prior to its distribution to the beneficiaries.
An inheritance is not taxable on a PA income tax return. However, it is used to calculate your eligibility for the PA Tax Forgiveness Credit. If you received a K1 from the estate administrator, that income IS reported and taxable on your individual PA income tax return. The K1 reports income earned by the estate prior to its distribution to the beneficiaries.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
RMI
New Member
user17558933183
Returning Member
sacap
Level 2
kac42
Level 2
turbosapper
Level 1
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill