The Pa. Department of Revenue has issued a Realty Transfer Tax Bulletin explaining the exemption for real property distributed from an estate, and the bulletin provides some helpful guidance on a few issues. Realty Transfer Tax Bulletin 2024-01, “Transfers from...
Because real estate transfer tax exemptions or exclusions that apply to transfers of real property also apply to acquisitions of interests in real estate companies, a distribution of an interest in a limited liability partnership by an living trust to … Continue reading
A revocable trust was a “living trust” and so exempt from realty transfer tax even though the trust document originally allowed distributions to persons other than a settlor if a settlor became incapacitated because a retroactive modification of the trust … Continue reading
It was previously reported, in “Realty Transfer Tax on Remainders,” that the Department of Revenue had published a new table of life estate and remainder factors based on an interest rate of 2.6%, to be effective July 1, 2022. The … Continue reading
The distribution of real property to two of the decedent’s four children, with additional cash distributed to the other two children, was not subject to realty transfer tax under the principle of Baehr Bros. v. Com., 487 Pa. 233 (1979), … Continue reading
When there is a transfer of a residence or other real estate with a retained life estate (which is usually not recommended, because it does not avoid any inheritance tax and can restrict the ability of the transferor to sell … Continue reading
The Pennsylvania realty transfer tax (and the Philadelphia and other local versions of that tax) can be an issue when an executor or administrator is distributing real property from an estate, or when property is being transferred to or from...
Not sure why this was necessary, but the Pa. Department of Revenue has issued a bulletin confirming that same-sex marriages will be recognized for inheritance tax and realty transfer tax purposes following the decision in Whitewood v. Wolf, 992 F. … Continue reading
The Realty Transfer Tax Statement of Value, Form REV-183 EX, has been revised somewhat, bears the revision date “10-14,” and is now available for download through the Pa. Department of Revenue. Changes include the following: The explanations at the top … Continue reading
HTML Version Copyright 1995- Daniel B. Evans. All rights reserved. (Current through June 2025) When preparing and filing a Pennsylvania realty transfer tax affidavit, it is necessary to report both the assessed value of the property and the “common level ratio factor,” … Continue reading