Instructions for REV-1502 Schedule A
REV-1502 EX (10-15)                                                                                            Real Estate

                                    There are three methods to value theproperty so that a proper valuation may
GENERAL INFORMATIONproperty at date of death: sale price,be made if the special use is discontinued
                                    appraisal value or county tax assessmentor if the property does not meet all
PURPOSE OF SCHEDULE
                                    multiplied by the common level ratiorequirements.
Use REV-1502 Schedule A to report allfactor.
Pennsylvania real estate held by the                                          Agriculture Exemptions
decedent solely or as tenant-in-common.The Department of Revenue allows upFor dates of death on or after July 1,
                                    to 15 months after the date of death2012, real estate that qualifies under
   FORM INSTRUCTIONSto report a sale price. If you use thethe Agriculture Exemptions enacted by
                                    sale price, you must report the grossAct 85 of 2012 may be exempt from
ESTATE OF                           sales price.                              inheritance tax. For more information,
Enter the complete name of the estate                                         refer to Inheritance Tax Informational
as shown on the REV-1500, Pennsylvania     Important.Attach a copy of the     Notice Inheritance tax 2012-01.
Inheritance Tax Return.                    tax assessment notice, certified
                                    appraisal, or settlement sheet (HUD1)         Note.Real estate held between a
FILE NUMBER                         used to value the real property.decedent and his or her surviving
Enter the file number of the estate                                           spouse as either tenants by the
                                    If the real estate was sold to a family
assigned by the Register of Wills as                                          entireties or joint tenants with right of
                                    member or anyone associated with
shown on the REV-1500, Pennsylvania                                           survivorship for more than one year
                                    the administration of the estate, an
Inheritance Tax Return.                                                       prior to the decedent's death is exempt
                                    appraisal or other documentary evidencefrom inheritance tax.
                                    of the fair market value must be
GENERAL INSTRUCTIONS                submitted to verify that the real estate      Note.Real estate situated outside
DESCRIPTION                         was sold at the fair market value.of Pennsylvania is exempt from
                                                                              Pennsylvania inheritance tax unless
Report the physical street address of      Important.Sale price can only      under contract to sell prior to death.
the property and the parcel ID number.be reported if the real estateSee REV-1508, Schedule E.
                                    was sold within 15 months of the date
When reporting the fractional interest in
                                    of death.
a parcel of real property owned as a                                          TOTAL
tenant-in-common, state the decedent’s                                        Total all items in the Value at Date of
fractional interest, include the full valueSpecial Farm Use ValuationDeath column and enter value here.
of the property with the description, andFor dates prior to July 1, 2012, landEnter this value on Line 1, Page 2 of the
enter only the value of the decedent’sdevoted to agricultural use, agricultureREV-1500.
interest in the column marked, “Valuereserve or forest reserve may be eligible
at Date of Death”. Supply a copy of thefor preferential assessment measured       Caution.A retained life estate
deed showing the fractional interest.by particular use, rather than by fairis fully taxable and should be
                                                                              reported on REV-1510, Schedule G.
                                    market value. This preferential valuation
VALUE AT DATE OF DEATHmay be used to determine county prop-Real estate held as joint with right of
Estates are required to report all realerty tax assessments. If you elect to usesurvivorship, except between spouses, is
estate at the fair market value as ofthis method of valuation, the specialreportable on REV-1509, Schedule F.
the date of death. Fair market value isuse valuation under the Pennsylvania
                                                                              All real estate held in a trust should be
defined as the price at which theFarmland and Forest Land Assessment
                                                                              reported on REV-1510, Schedule G.
property would be sold by a willingAct of 1974, 72 P.S. §5490.1, et. seq.
seller, not compelled to sell, to a willingmust be reported. You will also be indebtednessThe decedent’sfor any
buyer, not compelled to buy, when bothrequired to submit fair market valuemortgages on the real estate reported
have reasonable knowledge of theappraisals of the residential property,on this schedule should be claimed on
relevant facts.                     farm outbuildings and agriculturalREV-1512, Schedule I.

www.revenue.pa.gov                                                                                             REV-15021