declare these two jointly owned accounts on Schedule G when I file PA inheritance tax? I know I have to include information of his IRA and 401(1) K accounts in Schedule G, other than these two, what other financial information do I need to include in Schedule G?
Thank you very much for the advice!!!
You should be working with a CPA who does estate returns or a tax attorney.
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I agree with Attorney Reed that this question is better suited for a tax expert. I have tagged it as such. In any event, this forum is set up for general information as opposed to such specific advice.
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Jointly owned property between husband and wife are exempt from the PA inheritance tax.
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained. Please click "helpful" or "best answer" if my answer added any value or add a "comment" if you have more info for me to help you get a better answer.
You do not need to report the assets you owned jointly with your husband.
You might benefit by showing the draft of your Inheritance Tax Return to an experienced estate adminstration (probate) attorney to make sure that you've taken full advantage of allowable deductions on the return, and to discuss any other legal/financial concerns you might have at this point.
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