1st Floor, City-County Bldg. Life insurance proceeds payable to a named beneficiary as well as to the decedent's estate are tax exempt. All real property and all tangible personal property, including but not limited to cash, automobiles, furniture, antiques, jewelry, etc., located in Pennsylvania are taxable. All intangible property including stocks, bonds, bank accounts, loans receivable, etc., is taxable regardless of where it is located. Jointly-owned property, except between husband and wife, including but not limited to real estate, securities, bank accounts, etc., with right of survivorship, is taxable.
Joint property is taxable even though the decedent's name was added as a matter of convenience.
As a general rule, if the joint tenancy was established more than a year before death, the decedent's fractional portion of joint property is subject to tax. The fractional portion is determined by dividing the value of the property by the number of joint tenants regardless of their contribution. The only asset was interest in a joint savings account held with son, with right of survivorship. 258.64 Half of the joint account is subject to tax. The funeral bill is an allowable debt.