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Inheritane tax on car I inherited

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unclejack857

Junior Member
What is the name of your state (only U.S. law)? Pennsylvania
Hello, I inherited a 1964 Buick Skylark and was wondering what I would have to do to prove it's worth to pay my inheritance tax on it? Where would I find a value for such an old car? Kelly Blue Book doesn't go back that far and NADA only has 2 conditions listed, which if I remember correctly, were like mint and very good. I need to know how I would get a value and then how do I prove that value to the IRS? Someone I know had said they thought a printed value from an online site would work but like I had stated I can't find any. I can buy an Old Cars Price Guide and make a copy of the condition price but I don't know if this is acceptable? The car hasn't been ran in 5 years and won't start. Hasn't been on the road in over 10 years and the motor won't start. So, my guess is it would be listed as a parts vehicle and probably valued at $500. Any opinions, suggestions are greatly appreciated as always! JackWhat is the name of your state (only U.S. law)?
 


Zigner

Senior Member, Non-Attorney
You don't have to pay/report anything to the IRS. The estate would, but as a beneficiary, you would not.
 

curb1

Senior Member
Zigner,

You said, "You don't have to pay/report anything to the IRS. The estate would, but as a beneficiary, you would not."

Under what conditions would the estate "have to pay/report anything to the IRS"? The only way I can think is if the estate was over the limit for the particular year of death.
 

Zigner

Senior Member, Non-Attorney
Zigner,

You said, "You don't have to pay/report anything to the IRS. The estate would, but as a beneficiary, you would not."

Under what conditions would the estate "have to pay/report anything to the IRS"? The only way I can think is if the estate was over the limit for the particular year of death.
For the purposes of THIS thread, our OP's answer is that he doesn't have to file anything.

The estate would have to file any and all required returns, etc. and pay any required taxes.

How's that? ;)
 

anteater

Senior Member
I believe that UncleJack is referring to the PA Inheritance Tax. But, while I believe that liability for the tax ultimately runs to the beneficiary, the probate estate normally files the return and pays any tax due before distributions.

I suspect that nobody would say a word if you listed the value for a non-running 1964 Buick Skylark as $0. Oh, it's not the IRS that you have to prove anything to. It's the PA Department of Revenue.

By the way, what ever happened to the stimulus check?
 

anteater

Senior Member
You may be right...but that's not the question that was asked ;)
Well, he did say inheritance tax ....

IRS... PA Department of Revenue... What the heck! Natural confusion. They both collect money and chase down the deadbeats.

:eek:
 

unclejack857

Junior Member
yes, I was refering to the Pa. inheritance tax. I am the beneficiary and as little as my mother had, a lawyer had stated he didn't think it would be worth opening up an estate. I and my mother were both joint owners of her house. Therefore I have to pay Pa. inheritance tax on the old Buick and my mother's half of the house that I inherited. Oh yeah, we threw away my mom's stimulus check. lol Thanks! Jack
 

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