Pennsylvania Schedule E - Cash, Bank Deposits, & Misc. Personal Property (Instructions)

Schedule E - Cash, Bank Deposits, & Misc. Personal Property (Instructions)
Instructions for REV-1508 Schedule E - Cash, Bank Deposits, & Misc. Personal Property
Instructions for REV-1508 Schedule E
REV-1508 EX (02-15)

GENERAL INFORMATION

PURPOSE OF SCHEDULE
Use Rev-1508 Schedule E to report
all gross probate estate assets not
reportable under any other schedule.

FORM INSTRUCTIONS

ESTATE OF
Enter the complete name of the estate as
shown on the REV-1500, Pennsylvania
Inheritance Tax Return.

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

GENERAL INSTRUCTIONS

DESCRIPTION
Report jewelry, wearing apparel, household goods and furnishings, books, paintings, automobiles, boats, time shares,
cash on hand and in financial institutions,
money market funds, salaries or wages,
rents, rents due, but not collected or rent
accrued, but not due on the date of death,
leaseholds, royalties, patents, judgments,
reversionary or remainder interests, IRA’s,
annuities and pension plans payable to
the estate.

Report all real property situated outside
the commonwealth, which the decedent
had contracted to sell and for which
settlement had not occurred prior to death,
provided that the property is not subject to
death tax in the state, country or territory
wherein the property is located.

www.revenue.pa.gov

Cash, Bank Deposits, & Misc. Personal Property

Tangible personal property located
outside of Pennsylvania is not
subject to Pennsylvania inheritance tax.

If any article (e.g., jewelry, furs, silverware
or paintings, etc.) is worth more than
$3,000, or if any collection of articles in
one category is valued at more than
$10,000, include an appraisal by an
expert and the appraiser’s statement
concerning his qualifications.

For cash in banks and other financial
institutions, report the name and address
of the financial institution, the account
number, nature of the account (i.e.,
checking, savings) and the date of death
balance.
VALUE AT DATE OF DEATH
Report the date of death balance value
of each asset.

Important. Attach copies of statements obtained from the financial
organizations used to determine value.

Litigation Proceeds Received
Report proceeds received by an estate
representative for any personal injury
claim instituted by the decedent prior to
the decedent’s date of death.

Report any proceeds received from a
settlement of a wrongful death/survival
action claim instituted and paid to the
estate representative after the decedent’s
date of death.

Include the date the monies were
received by the estate on the schedule.
All personal injury claims instituted prior
to the decedent’s date of death and
funds allocated to the survival action as

part of a wrongful death/survival action
claim are subject to Pennsylvania
inheritance tax.

Important. A copy of the petition
filed with the court for the approval
of the settlement and/or allocation, and
a copy of the signed court order must be
attached.

If the Department of Revenue has
previously reviewed and accepted the
settlement, attach verification. In cases
where structured settlements have been
accepted or there is an agreement to
provide payments for a number of years,
it will be necessary for the estate to
submit information sufficient for the
department to calculate the present
value of such distributions.

Note. Only the decedent’s spouse,
child or parent can institute a
wrongful death claim.

TOTAL
Total all items in the Value at Date of
Death column and enter value here.
Enter this value on Line 5, Page 2 of the
REV 1500.
Caution. IRA’s, annuities and
pension plans that have named
beneficiaries should be reported on
REV-1510, Schedule G.

For estates of decedents with a date of
death on or after December 13, 1982, all
life insurance policies on the life of the
decedent, payable to the estate or to
a named beneficiary, are exempt from
inheritance tax.

REV-1508

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