Transcription of Instructions for REV-1508 Schedule E
1 Instructions for REV-1508 Schedule E. REV-1508 EX (02-15). Cash, Bank Deposits, & Misc. Personal Property Tangible personal property located part of a wrongful death/survival action GENERAL INFORMATION outside of Pennsylvania is not claim are subject to Pennsylvania subject to Pennsylvania inheritance tax. inheritance tax. PURPOSE OF Schedule . Use REV-1508 Schedule E to report If any article ( , jewelry, furs, silverware Important. A copy of the petition all gross probate estate assets not or paintings, etc.) is worth more than filed with the court for the approval reportable under any other Schedule . $3,000, or if any collection of articles in of the settlement and/or allocation, and one category is valued at more than a copy of the signed court order must be FORM Instructions $10,000, include an appraisal by an attached.
2 Expert and the appraiser's statement estate OF concerning his qualifications. If the Department of Revenue has previously reviewed and accepted the Enter the complete name of the estate as For cash in banks and other financial settlement, attach verification. In cases shown on the REV-1500, Pennsylvania institutions, report the name and address where structured settlements have been Inheritance Tax Return. of the financial institution, the account accepted or there is an agreement to FILE NUMBER number, nature of the account ( , provide payments for a number of years, Enter the file number of the estate checking, savings) and the date of death it will be necessary for the estate to assigned by the Register of Wills as balance.
3 Submit information sufficient for the shown on the REV-1500, Pennsylvania department to calculate the present VALUE AT DATE OF DEATH. Inheritance Tax Return. value of such distributions. Report the date of death balance value of each asset. Note. Only the decedent's spouse, GENERAL Instructions child or parent can institute a Important. Attach copies of state- wrongful death claim. DESCRIPTION ments obtained from the financial Report jewelry, wearing apparel, house- organizations used to determine value. TOTAL. hold goods and furnishings, books, paint- Total all items in the Value at Date of ings, automobiles, boats, time shares, Litigation Proceeds Received Death column and enter value here.
4 Cash on hand and in financial institutions, Report proceeds received by an estate Enter this value on Line 5, Page 2 of the money market funds, salaries or wages, representative for any personal injury REV 1500. rents, rents due, but not collected or rent claim instituted by the decedent prior to accrued, but not due on the date of death, the decedent's date of death. Caution. IRA's, annuities and leaseholds, royalties, patents, judgments, pension plans that have named reversionary or remainder interests, IRA's, Report any proceeds received from a beneficiaries should be reported on annuities and pension plans payable to settlement of a wrongful death/survival REV-1510, Schedule G.
5 The estate . action claim instituted and paid to the estate representative after the decedent's For estates of decedents with a date of Report all real property situated outside date of death. death on or after December 13, 1982, all the commonwealth, which the decedent life insurance policies on the life of the had contracted to sell and for which Include the date the monies were decedent, payable to the estate or to settlement had not occurred prior to death, received by the estate on the Schedule . a named beneficiary, are exempt from provided that the property is not subject to All personal injury claims instituted prior inheritance tax. death tax in the state, country or territory to the decedent's date of death and wherein the property is located.
6 Funds allocated to the survival action as REV-1508 1.
