What is the tax rate if money is inherited from a joint checking account with Right of Survivorship (outside of probate) from step-child to step-parent? What is the tax-rate if the money goes from Step-parent to step-child? I thought it was 15% b/c it’s a non-relative but someone said it might be 4.5%. Thanks!
I think I mis-used the word inherited. It was a joint checking account with right of survivorship. When the step-child (an adult) died, the survivor was the Step-father. I believe the account was co-owned.
@The Kid I think you are wrong. According to my accountant, there would be PA inheritance tax in this situation. The question is how much. Are you basing your information from knowledge of PA tax law?
Yes, no kidding each state is different so I am asking if anyone knows about PA specifically.
