Pennsylvania Schedule I - Debts of Decedent, Mortgage Liabilities & Liens (Instructions)

Schedule I - Debts of Decedent, Mortgage Liabilities & Liens (Instructions)
Instructions for REV-1512 Schedule I - Debts of Decedent, Mortgage Liabilities & Liens
Instructions for REV-1512 Schedule I
REV-1512 EX (02-15)

Debts of Decedent, Mortgage Liabilities & Liens

GENERAL INFORMATION

as those filed while the decedent is
under bankruptcy.

PURPOSE OF SCHEDULE
Use REV-1512 Schedule I to report all
valid debts of the decedent owed at
the time of death.

IMPORTANT: When a tax is imposed upon a transfer of jointly
owned property by right of survivorship
(see REV-1509, Schedule F) or a
taxable inter-vivos transfer (see
REV-1510, Schedule G), the deductions will be allowed to the transferee
only to the extent that the transferee
has actually paid the deductible items
and either the transferee was obligated
to pay the deductible items or the estate
subject to administration by a personal
representative is insufficient to pay the
deductible items. The transferee must
show that the same debts are not also
claimed by an executor, administrator,
or other personal representative handling the administration of the decedent’s estate.

FORM INSTRUCTIONS
Estate of
Enter the complete name of the estate
as shown on REV-1500, Pennsylvania
Inheritance Tax Return.

File Number
Enter the file number of the estate assigned by the Register of Wills as
shown on REV-1500, Pennsylvania Inheritance Tax Return.

GENERAL INSTRUCTIONS
Description
Unless otherwise noted, debts of the
decedent including mortgages and liens
on real estate are deductible regardless
of whether or not assets comprising the
taxable estate are employed in the payment or discharge of the deductible
items. However, uncollectible liens are
not allowable as a debt of the decedent.
These would include invalid liens such

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Examples of obligations which should
be itemized on REV-1512, Schedule I
include property taxes due and owing
prior to decedent’s death, secured
loans, liabilities and claims based
on a promise or agreement, provided
that the liability was contracted
bona fide and for an adequate and full
consideration.
Expenses incurred in treating the
decedent’s last illness, which are

unpaid at the time of death, are not deductible if they will be paid, or the estate
will be reimbursed for their payment,
from other sources such as medical
insurance. Include only expenses,
which will not be paid or reimbursed by
medical insurance.
Debts incurred by the decedent prior to
death with respect to real property held
in the decedent's name alone, such as
mortgages, repairs, and utilities, are allowed. However, when the decedent
held title jointly with another or others,
with rights of survivorship, or as a
tenant-in-common, debts incurred prior
to the decedent's death are only allowed to the same extent as the decedent's fractional interest in the real
property. Proof of mortgage liabilities
must always be provided. If the decedent transferred title to real property
within one year prior to the date of
death, deductions will be limited to
those for which the decedent was actually liable at the date of death.

Total
Total all items in the Value at Date
of Death column and enter value here.
Enter this value on Line 10, Page 2
of REV-1500.

REV-1512

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