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jbottiger2367
April 2, 2025
Solved

Are my investments subject to PA state tax if I inherited some of my mother’s investments after her passing, given she lived in PA and I live in FL?

  • April 2, 2025
  • 1 reply
  • 0 views
My mother passed in March 2024. My sisters and I inherited our mother’s investments. My inherited investments are through Edward Jones and my advisor is based in PA but also licensed in FL (he was our mom’s advisor).
Best answer by JohnB5677

Taxes are paid in the state that you sell them in.

  • If you live in Florida, the gain would be taxed there.
  • There is no capital gains tax in Florida, so no state tax is due.

The basis of the stock for federal purposes is based on the value at the time of your Mom's passing

1 reply

JohnB5677
JohnB5677Answer
April 2, 2025

Taxes are paid in the state that you sell them in.

  • If you live in Florida, the gain would be taxed there.
  • There is no capital gains tax in Florida, so no state tax is due.

The basis of the stock for federal purposes is based on the value at the time of your Mom's passing

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    J
    jbottiger2367Author
    April 3, 2025

    Thanks!  This will make filing my taxes this year less complicated than anticipated given the unfortunate event happening.

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