Pennsylvania
Debts of decedent are deductible for PA Inheritance tax purposes. We had to file last five years 1040s and pay taxes which are deductible, I believe. We now have to file Form 1041 (the income tax return for the year he died-2004) and have large IRA which is taxable on the 1041 after deductions. Question is whether the income tax payble for the 2004 1041 is deductible from the PA Inheritance tax as is would similarly be a debt of the decedent. Am I correct? Thanks!
Debts of decedent are deductible for PA Inheritance tax purposes. We had to file last five years 1040s and pay taxes which are deductible, I believe. We now have to file Form 1041 (the income tax return for the year he died-2004) and have large IRA which is taxable on the 1041 after deductions. Question is whether the income tax payble for the 2004 1041 is deductible from the PA Inheritance tax as is would similarly be a debt of the decedent. Am I correct? Thanks!