Pennsylvania Form REV-1503 is Schedule B – Stocks and Bonds, the schedule every executor or administrator attaches to the PA Inheritance Tax Return REV-1500 to report all stocks, bonds, mutual funds, and similar securities the decedent owned at death. The schedule walks the Pennsylvania Department of Revenue line by line through each security, its CUSIP, the date-of-death value, and any accrued dividends or interest, so the agency can compute the inheritance tax owed under 72 P.S. § 9101 et seq..
Getting REV-1503 wrong is one of the most common reasons inheritance returns get bounced back by the Register of Wills. The PA Department of Revenue processes tens of thousands of REV-1500 packets each year, and Department field auditors note that schedule errors—especially missing CUSIPs and wrong valuation dates—account for a large share of the roughly 15–20% of returns that need correction notices.
- 📋 What REV-1503 is, who must file it, and exactly when it is due
- 🧾 Every box, column, and line on the schedule, in plain English
- 👨👩👧 Three full real-world examples walking three named executors through the form
- ⚠️ The 10 most common REV-1503 mistakes and what each one costs you
- ✅ How to file the completed schedule with the county Register of Wills and what happens next
What Form REV-1503 Is and Who Must File It
Form REV-1503 is the Schedule B – Stocks and Bonds worksheet that supports the main REV-1500 Pennsylvania Inheritance Tax Return. The schedule lists each security the decedent owned outright at the date of death, including common stock, preferred stock, corporate bonds, municipal bonds, U.S. Treasury obligations, mutual funds, ETFs, and money market funds. The current revision is REV-1503 EX, and the revision date is printed in the bottom-left corner of page 1, so always check that line before you start.
The executor, administrator, or personal representative named in the Register of Wills letters of administration files this schedule. If no personal representative was appointed, the person in actual or constructive possession of the property must file under 61 Pa. Code § 93.121. The schedule is required only if the decedent owned solely titled stocks or bonds; jointly titled securities go on Schedule F (REV-1509), and closely held business interests usually belong on Schedule C (REV-1504).
REV-1503 ties directly to Line 2 of the REV-1500 recapitulation. Every dollar reported on the schedule flows up to that line, and the Pennsylvania Inheritance and Estate Tax Act taxes that total at the rate that matches the beneficiary class: 0% to a surviving spouse, 4.5% to lineal descendants, 12% to siblings, and 15% to all others. Skipping the schedule, or under-reporting on it, triggers an immediate Notice of Inheritance Tax Appraisement and can expose the executor to personal liability under 72 P.S. § 9144.
Before You Start: Documents and Information You Need
Pulling the right paperwork before you open the REV-1503 PDF saves hours of back-and-forth with brokerages and the Register of Wills. The schedule is unforgiving: every share count, every CUSIP, and every penny of accrued interest must be sourced. Build the file below before you write a single entry.
- Death certificate (long form). You need the exact date of death because that is the valuation date under 61 Pa. Code § 93.21. Without it, every value on the schedule is unverifiable.
- Date-of-death brokerage statements. Request a formal date-of-death valuation letter from each brokerage; a regular monthly statement is not enough because it does not show the high–low average on the death date.
- Stock certificates in hand. Paper certificates still circulate, and missing one means the share count is wrong, which under-reports tax.
- DRS (Direct Registration System) statements. Many transfer agents like Computershare hold shares in book-entry form; you need their date-of-death printout.
- Bond confirmations and CUSIP lookups. Each bond needs its 9-character CUSIP; without it, the Department cannot match the security to its valuation database.
- Mutual fund and ETF NAV history. The closing NAV on the date of death is the value—not the next-day NAV.
- Dividend and interest accrual reports. Dividends declared but unpaid at death, and bond interest accrued through the death date, are taxable and reported on REV-1503.
- Prior gift tax returns. Gifts of stock made within one year of death come back into the estate under 72 P.S. § 9107(c)(3), and you must list them here.
- Decedent’s Social Security number and county of residence. These go on the header of every schedule and must match the REV-1500.
Where to Get the Form and How to Access It
The official, current REV-1503 EX is hosted on the PA Department of Revenue forms library and is also linked from the Inheritance Tax page. Always download the form directly from a pa.gov domain; third-party fillable copies often lag a revision behind, and the Register of Wills will reject an outdated schedule.
You can also pick up a paper copy at any county Register of Wills office, which keeps current REV-1500 packets at the counter. Order forms by phone through the Department’s forms ordering line at 1-800-362-2050, or request a packet in writing from the PA Department of Revenue, Bureau of Individual Taxes, Inheritance Tax Division, P.O. Box 280601, Harrisburg, PA 17128-0601.
REV-1503 is a fillable PDF. You may type entries directly into the PDF, print, and sign, or you may print the blank form and complete it by hand in black ink only. Pencil, blue ink, and erasable pens are rejected on sight because they cannot be microfilmed. The schedule is not filed through myPATH; inheritance tax returns are still paper-only and must go to the Register of Wills in the decedent’s county of residence.
If you make a mistake on the printed form, do not use correction fluid. Strike a single line through the error, write the correction above it, and initial the change. The Department’s REV-1500 instruction booklet confirms that white-out triggers an automatic appraisement review.
Step-by-Step: How to Fill Out REV-1503 Line by Line
The schedule has a header block, a columnar body with seven columns, and a total line at the bottom. Every column matters, and the order of entry matters because the Department reads left to right when reconciling the schedule against brokerage records. Work the header first, then enter one security per row, then total at the end.
Header: Estate of (Decedent’s Name)
This field asks for the legal name of the decedent exactly as it appears on the REV-1500 cover page. Enter the name in ALL CAPS in Last Name, First Name, Middle Initial order, with no nicknames and no titles. For example, Maria Lopez, who died as Maria T. Lopez, writes LOPEZ, MARIA T.
A nuance arises when the decedent used multiple legal names during life, such as a maiden name on older stock certificates. Enter the name on the death certificate here, and add a footnote on a separate sheet listing aliases so the Department can match older holdings.
The most common mistake is using the informal name (Mary instead of Maria), which causes the schedule to fail the automated cross-match against the REV-1500 header and triggers a 30–60 day processing delay. A frequent misconception is that the name only needs to “match the will”; it must match the death certificate and REV-1500, which control.
Header: File Number
The File Number is the docket number assigned by the Register of Wills when letters were issued, not the Social Security number and not a self-assigned number. It usually appears on the letters of administration as a county code and a year-sequence, such as 51-2026-0042.
Write it exactly as printed on the letters, including any dashes. If letters have not yet been granted because no probate was needed, write NONE GRANTED and attach a one-page memo explaining why.
The most common mistake is leaving this blank, which causes the schedule to be filed under the decedent’s name only and lost in the Register’s index. The misconception to correct: this is not a federal EIN; the estate’s EIN goes elsewhere on REV-1500.
Header: Decedent’s Social Security Number
Enter the nine-digit SSN with dashes in XXX-XX-XXXX format. Maria Lopez writes 123-45-6789. Use the SSN printed on the death certificate; do not guess from memory or from old tax returns, because a transposed digit makes the schedule fail the Department of Revenue match.
A nuance: if the decedent had an ITIN rather than an SSN, enter the ITIN in the same nine-digit format and check the ITIN box on the REV-1500 cover page. For decedents who never had either, enter NONE and attach an explanation.
The common mistake is using the surviving spouse’s SSN by accident on joint returns, which is a hard-stop error. The misconception is that the SSN is optional after death; it is required for the Department to retrieve the decedent’s prior wage and 1099 records.
Column 1: Item Number
Number each row sequentially, starting at 1, with no gaps. If the schedule continues onto a second page, keep the numbering continuous: page 1 ends at 15 and page 2 starts at 16.
Write the number in the far-left column. Do not skip numbers to “leave room” for later additions; if you discover a missing security after numbering, file a REV-1500 supplemental return instead.
The most common mistake is restarting numbering on each page, which breaks the Department’s audit trail and forces a manual re-key. The misconception is that item numbers are cosmetic; they are referenced in any later Notice of Appraisement the Department issues, so they must be stable.
Column 2: Number of Shares or Par Value of Bonds
Enter the exact share count for stocks, mutual funds, and ETFs, including fractional shares to four decimal places. For bonds, enter the par value (face value), not the market value, because bonds are priced as a percentage of par.
For example, Marcus Brown, executor of his father’s estate, enters 250.0000 for 250 shares of Apple, and 10,000 for a $10,000 face value U.S. Treasury bond. A nuance arises with stock splits: use the post-split share count as of the date of death, not the original purchase count.
The most common mistake is reporting bond market value in this column; that overstates par and understates the discount, distorting tax. The misconception is that fractional shares from DRIP plans can be rounded down—they cannot, and the Department reconciles to the brokerage’s exact share count.
Column 3: Description of Stock or Bond, Including CUSIP
Enter the full security name, the issuer, the share class, and the 9-character CUSIP. For Apple common stock, write APPLE INC COMMON STOCK CUSIP 037833100. For a Treasury bond, write U.S. TREASURY BOND 4.25% DUE 11/15/2040 CUSIP 912810SU1.
A nuance: for mutual funds, include the share class (A, B, C, I, R) because each class has its own CUSIP and its own NAV. For tax-exempt municipal bonds, still list them here—the bond itself is taxable to PA inheritance tax even though the interest is federally tax-exempt.
The most common mistake is omitting the CUSIP, which is the single biggest reason REV-1503 entries get kicked back for clarification. The misconception is that municipal bonds are exempt from PA inheritance tax; they are not, only the interest is income-tax exempt, per 72 P.S. § 9111.
Column 4: Unit Value
For listed stocks, the unit value is the mean of the high and low trading prices on the date of death, per 61 Pa. Code § 93.21. For a bond, the unit value is the date-of-death market price expressed as a percentage of par. For a mutual fund, the unit value is the closing NAV on the death date.
If the death date falls on a weekend or holiday, take the average of the mean prices on the trading day before and the trading day after the death. For example, if Maria Lopez died on Saturday March 14, 2026, you average Friday March 13 and Monday March 16 means.
The most common mistake is using the closing price instead of the high–low mean for listed stocks, which usually understates value and triggers an appraisement adjustment. The misconception is that you can pick any price during the death week; the rule is strict and the Department will recompute.
Column 5: Total Value at Date of Death
Multiply Column 2 by Column 4 and round to the nearest whole cent. Enter the result with a decimal point and two decimal places, no dollar sign. Marcus Brown multiplies 250.0000 × 178.4250 = 44,606.25 and writes 44,606.25.
A nuance: for bonds, the math is (Par × Price%) ÷ 100. A $10,000 bond trading at 98.500 is worth $9,850.00, not $985,000. For mutual funds, Shares × NAV is the formula.
The most common mistake is dropping the cents column or using commas inside the value, which breaks OCR scanning at the Department. The misconception is that values can be rounded to the nearest dollar; they cannot, and the schedule’s total must reconcile to the penny against the recapitulation.
Column 6: Accrued Dividends
Enter dividends that were declared but not yet paid as of the date of death. The dividend must have an ex-dividend date on or before the date of death and a record date the decedent met. If both tests fail, the dividend is not accrued.
For example, if Apple declared a $0.24 per-share dividend with an ex-date of March 10, 2026, and Maria Lopez died March 14 owning 250 shares, accrued dividends equal 250 × 0.24 = 60.00. A nuance: dividends paid before death are not accrued—they belong on Schedule G as cash if still in the account.
The most common mistake is reporting the next regular dividend that had not yet been declared, which is speculative income and not taxable. The misconception is that accrued dividends only apply to preferred stock; they apply to any declared but unpaid dividend.
Column 7: Accrued Interest
For bonds, enter interest earned from the last coupon payment date through the date of death. The formula is (Par × Coupon Rate × Days Accrued ÷ 365). A $10,000 4.25% Treasury, last paid May 15 with a death date of August 14, has accrued interest of 10,000 × 0.0425 × 91 ÷ 365 = 105.96.
A nuance: zero-coupon bonds and Treasury STRIPS accrue interest economically even though no coupon is paid; use the IRS-published accretion tables or the brokerage’s reported accrued OID. Tax-exempt municipal bonds still accrue interest for inheritance tax purposes.
The most common mistake is leaving Column 7 blank for “tax-free” municipal bonds, which under-reports the taxable estate. The misconception is that accrued interest follows federal income tax rules; for PA inheritance tax, the date-of-death accrual is taxable regardless of federal treatment.
Total Line: Total of Schedule B
Sum Columns 5, 6, and 7 separately, then add the three subtotals to produce the grand total of Schedule B. Enter the grand total on the bottom-right total line of REV-1503, and carry it forward to Line 2 of the REV-1500 recapitulation.
The grand total must reconcile to the penny. If you have multiple pages of REV-1503, total only on the last page, and write SEE PAGE 2 (or the relevant page number) on the prior pages’ total line.
The most common mistake is totaling each page separately and entering the wrong figure on the recapitulation; the result is an automatic Notice of Appraisement recomputing the tax. The misconception is that accrued dividends and interest are reported separately on a different schedule; they belong on REV-1503 itself, in Columns 6 and 7.
Three Filled-Out Examples Using Real Scenarios
The three scenarios below show how three different executors fill the same schedule for very different estates. Each follows one named filer through the schedule and into the REV-1500 recapitulation.
Scenario 1: Maria Lopez — Modest Brokerage Account
Maria Lopez is the executor of her mother Elena Reyes’s estate. Elena died March 14, 2026, a resident of Allegheny County, with a single Fidelity brokerage account holding common stock and one mutual fund.
| Form Section | What Maria Enters |
|---|---|
| Estate of | REYES, ELENA M |
| File Number | 02-2026-0188 |
| Decedent’s SSN | 222-33-4444 |
| Item 1, Column 2 (Shares) | 250.0000 |
| Item 1, Column 3 (Description) | APPLE INC COMMON STOCK CUSIP 037833100 |
| Item 1, Column 4 (Unit Value) | 178.4250 (mean of 3/13 and 3/16 trading) |
| Item 1, Column 5 (Total Value) | 44,606.25 |
| Item 1, Column 6 (Accrued Dividends) | 60.00 |
| Item 2, Columns 2–5 (Fidelity 500 Index) | 800.0000 / FXAIX CUSIP 315911750 / 168.4500 / 134,760.00 |
| Schedule B Grand Total | 179,426.25 |
Maria carries 179,426.25 to Line 2 of the REV-1500 recapitulation. Because Elena left everything to Maria (a lineal descendant), the 4.5% rate applies, and Maria pays $8,074.18 of inheritance tax attributable to Schedule B.
Scenario 2: Marcus Brown — Mid-Size Estate with Closely Held Stock and Bonds
Marcus Brown serves as administrator for his father James Brown, who died May 2, 2026 in Montgomery County. James owned listed stocks, U.S. Treasury bonds, and 30% of a closely held S-corporation. Marcus correctly puts the closely held shares on Schedule C (REV-1504), not REV-1503.
| Form Section | What Marcus Enters |
|---|---|
| Estate of | BROWN, JAMES R |
| File Number | 46-2026-0511 |
| Decedent’s SSN | 333-22-1111 |
| Item 1 (Microsoft Common) | 400.0000 / MSFT CUSIP 594918104 / 432.1500 / 172,860.00 |
| Item 1, Column 6 (Accrued Dividend) | 332.00 (declared 4/24, ex-date 4/30) |
| Item 2 (U.S. Treasury 4.25% 2040) | 10,000 / CUSIP 912810SU1 / 98.500 / 9,850.00 |
| Item 2, Column 7 (Accrued Interest) | 196.85 (May 15 last coupon to May 2 death) |
| Item 3 (Vanguard Total Bond ETF) | 1,500.0000 / BND CUSIP 921937835 / 72.4100 / 108,615.00 |
| Schedule B Grand Total | 291,853.85 |
Marcus carries 291,853.85 to Line 2 of REV-1500 and notes on the closely held interest schedule that the S-corp shares are reported separately on REV-1504. He files within nine months (by February 2, 2027) and avoids the 0.75% per-month interest charge.
Scenario 3: Janet Wu — Estate with Municipal Bonds and Joint Holdings
Janet Wu is executor for her aunt Helen Park, who died July 9, 2026 in Philadelphia County. Helen had Pennsylvania municipal bonds, a few individual stocks, and a brokerage account titled jointly with Janet’s cousin. Janet correctly puts the joint account on Schedule F (REV-1509) and only the solely owned holdings on REV-1503.
| Form Section | What Janet Enters |
|---|---|
| Estate of | PARK, HELEN S |
| File Number | 51-2026-1402 |
| Decedent’s SSN | 444-55-6666 |
| Item 1 (PA Turnpike Rev. Bond 5.00% 2035) | 25,000 / CUSIP 709224VK6 / 104.250 / 26,062.50 |
| Item 1, Column 7 (Accrued Interest) | 200.34 |
| Item 2 (Philadelphia GO Bond 3.75% 2032) | 15,000 / CUSIP 717813XX2 / 99.750 / 14,962.50 |
| Item 3 (Coca-Cola Common) | 600.0000 / KO CUSIP 191216100 / 64.8200 / 38,892.00 |
| Item 3, Column 6 (Accrued Dividend) | 294.00 |
| Schedule B Grand Total | 80,411.34 |
Because Janet (a niece) is a Class B beneficiary under 72 P.S. § 9116, the 15% rate applies to her share. The municipal bonds are fully reportable on REV-1503 even though their interest is federally tax-exempt.
How to File the Completed Form
REV-1503 is never filed alone. You attach it to the completed REV-1500 packet and file the whole packet with the Register of Wills in the county where the decedent was domiciled at death. A directory of every county Register of Wills office is maintained by the Pennsylvania Courts.
By mail. Send the original REV-1500 with all schedules, including REV-1503, to the Register of Wills in the decedent’s county. The Register of Wills accepts the filing fee (typically $25–$50, varying by county) by check or money order made payable to the Register. Keep a fully copied set and send by USPS Certified Mail with Return Receipt Requested, because the postmark establishes timely filing under 72 P.S. § 9136. Processing time runs 6–9 months from receipt.
In person. Walk the packet into the Register of Wills counter, pay the filing fee in cash, check, or money order (most counties do not accept credit cards for inheritance filings), and ask the clerk to date-stamp your file copy. This is the fastest way to lock in your filing date.
By payment-only mail to Harrisburg. If you are pre-paying tax to capture the 5% prepayment discount under 72 P.S. § 9142, send the check (not the return) to PA Department of Revenue, Bureau of Individual Taxes, Inheritance Tax Division, P.O. Box 280601, Harrisburg, PA 17128-0601. Use the REV-1313 payment voucher and keep the canceled check as proof. The full return still goes to the Register of Wills.
There is no e-file option for REV-1500/REV-1503; myPATH does not accept inheritance returns. Always keep a complete photocopy of the packet, the certified mail receipt, and the Register’s date-stamp as the executor’s permanent proof of filing.
What Happens After You File
The Register of Wills logs the return, collects the filing fee, and forwards the packet to the PA Department of Revenue Inheritance Tax Division in Harrisburg. The Department reviews each schedule, verifies CUSIPs and date-of-death values against its securities database, and either accepts the return as filed or issues a Notice of Inheritance Tax Appraisement adjusting values.
If the return is accepted as filed, the Department issues an Official Receipt and Notice of Appraisement stamped AGREED, and the executor uses that document to clear the estate’s bank holds and complete distribution. If the Department adjusts the schedule, the executor has 60 days under 72 P.S. § 9186 to file a written protest with the Department’s Board of Appeals.
Interest at 0.75% per month runs on any unpaid tax from nine months after death until paid. The 5% prepayment discount applies only to amounts paid within three months of the date of death, so executors who can estimate Schedule B early often pre-pay against that estimate to capture the discount.
If the executor later discovers an omitted security, file a supplemental REV-1500 with a corrected REV-1503 marked AMENDED at the top. The Department recomputes tax and issues a revised appraisement, generally without penalty if the amendment is voluntary.
Mistakes to Avoid When Filling Out the Form
- Omitting the CUSIP. The Department cannot match the security and issues a clarification notice that delays processing 60–90 days.
- Using closing price instead of high–low mean. This understates value on listed stocks and triggers an appraisement adjustment plus interest.
- Reporting bond market value in Column 2. Column 2 is par; mixing par and market value double-counts and inflates tax.
- Forgetting accrued dividends. Declared-but-unpaid dividends are taxable, and missing them invites an audit on the entire schedule.
- Forgetting accrued bond interest. Accrued coupon interest through the death date is taxable even if the next coupon has not been paid.
- Putting jointly held securities on REV-1503. Joint holdings belong on REV-1509 Schedule F; misplacement misallocates tax between schedules.
- Putting closely held stock on REV-1503. Closely held interests belong on REV-1504 Schedule C with a separate valuation; REV-1503 is for publicly traded securities.
- Treating municipal bond interest as exempt. PA inheritance tax applies to municipal bonds and their accrued interest, regardless of federal income tax exemption.
- Restarting item numbers on each page. This breaks the audit trail and forces a manual rework.
- Using correction fluid or pencil. Both cause automatic rejection because the Department microfilms returns and cannot read either.
- Rounding to whole dollars. Schedule B reconciles to the penny; rounding creates a mismatch with the recapitulation.
- Filing more than nine months late without an extension. Late filing under 72 P.S. § 9136 triggers interest at 0.75% per month and possible penalties.
Do’s and Don’ts
- Do download the form fresh from a pa.gov page before each estate, because revisions happen quietly and old PDFs get rejected.
- Do request formal date-of-death valuation letters from every brokerage, because monthly statements do not show the high–low mean.
- Do list the CUSIP for every single security, because that is the Department’s primary match key.
- Do total Schedule B to the penny and reconcile it to Line 2 of the REV-1500 recapitulation before signing.
- Do photocopy the entire packet and mail by certified mail, because the postmark establishes timely filing.
- Do pre-pay estimated tax within three months of death if possible, to capture the 5% prepayment discount.
- Don’t mix joint securities into REV-1503; they belong on Schedule F (REV-1509).
- Don’t use the closing price for listed stocks; use the high–low mean.
- Don’t ignore municipal bond interest; it is taxable for PA inheritance even if federally exempt.
- Don’t use white-out, pencil, or blue ink; only black ink and clean strikethroughs are accepted.
- Don’t file REV-1503 alone; it must be attached to a complete REV-1500 packet.
- Don’t rely on third-party PDFs; only the Department’s PDF is guaranteed current.
Pros and Cons of Filing on Your Own vs. With Help
Filing REV-1503 yourself can save legal fees, but the schedule’s valuation rules and CUSIP demands trip up many pro se executors. Weigh both sides before deciding, especially if the estate holds bonds or closely held stock.
- Pro: Cost savings. A pro se filing avoids estate-attorney fees that often run $2,500–$7,500 for full REV-1500 preparation.
- Pro: Direct control over deadlines. You file when you are ready, and the 5% prepayment discount is fully within your reach if you act fast.
- Pro: Closer knowledge of assets. Family executors often know about old paper certificates that an attorney would miss.
- Pro: Free forms and instructions. The PA Department of Revenue publishes the REV-1500 instruction booklet at no charge.
- Pro: Simple estates fit DIY well. Estates with one brokerage account and one beneficiary class rarely need a professional.
- Con: CUSIP and valuation errors are common. Most rejected REV-1503 schedules come from pro se filers who used closing prices or omitted CUSIPs.
- Con: Personal liability. Under 72 P.S. § 9144, an executor who under-reports tax can be personally on the hook.
- Con: No e-file option. The all-paper process is slower and less forgiving than online tax systems.
- Con: Closely held stock requires expert valuation. REV-1504 demands a defensible appraisal that most non-attorneys cannot produce.
- Con: Appeals are technical. A protest under 72 P.S. § 9186 involves Board of Appeals procedure that is hard to navigate without counsel.
REV-1503 vs. REV-1509 (Schedule B vs. Schedule F)
| Feature | What It Means |
|---|---|
| REV-1503 (Schedule B) | Solely owned stocks and bonds, taxed at full value |
| REV-1509 (Schedule F) | Jointly owned securities with right of survivorship, taxed on the decedent’s fractional interest |
| Reports CUSIPs? | Both schedules require CUSIPs |
| Carries to REV-1500 Line | Line 2 (REV-1503) vs. Line 6 (REV-1509) |
| Common error | Mixing joint accounts onto REV-1503 |
FAQs
Do I file REV-1503 if the decedent owned no stocks or bonds?
No. Skip the schedule entirely if there are no securities, and write NONE next to Line 2 of the REV-1500 recapitulation so the Department knows the line was not overlooked.
Does REV-1503 cover jointly held brokerage accounts?
No. Joint accounts with right of survivorship belong on Schedule F (REV-1509), where only the decedent’s fractional interest is taxed under PA inheritance rules.
Are tax-exempt municipal bonds reported on REV-1503?
Yes. Pennsylvania inheritance tax applies to municipal bonds and their accrued interest at death, even though their interest is federally tax-exempt during the decedent’s life.
Do I use the closing price on the date of death for listed stocks?
No. Use the mean of the high and low trading prices on the date of death, per 61 Pa. Code § 93.21; closing price understates value and triggers adjustment.
What if the date of death falls on a weekend or holiday?
Yes, you must average the prior trading day mean and the next trading day mean. Use the high–low average from each day, then average the two daily means.
Do I write the CUSIP in Column 3 even for mutual funds?
Yes. Mutual funds have CUSIPs tied to share class, and the Department uses the CUSIP to verify the NAV and share count match the brokerage’s records.
Can I round Schedule B totals to the nearest dollar?
No. Enter all values to the penny; the schedule must reconcile exactly to Line 2 of the REV-1500 recapitulation, and rounding causes a mismatch.
Do I include accrued dividends declared but not paid by the death date?
Yes. Dividends with an ex-date on or before the death date and a record date the decedent met are taxable accruals reported in Column 6.
Is closely held S-corporation stock reported on REV-1503?
No. Closely held business interests go on Schedule C (REV-1504) with a defensible valuation, not on REV-1503, which is reserved for publicly traded securities.
Can I file REV-1503 electronically through myPATH?
No. The myPATH portal does not accept inheritance returns; REV-1500 with all schedules must be filed on paper with the county Register of Wills.
Do I owe interest if I file REV-1503 within nine months but pay later?
Yes. Interest at 0.75% per month accrues on any unpaid balance after the nine-month due date, regardless of whether the return itself was timely filed.
Can I capture the 5% prepayment discount if I have not finished the schedule?
Yes. Pay an estimate within three months of death using the REV-1313 voucher; the discount applies to amounts paid early even if the full return is filed later.
What goes in the File Number box if no probate was opened?
No docket number exists, so write NONE GRANTED and attach a memo explaining why letters were not issued, such as a small-estate affidavit procedure.
Do I need to attach brokerage statements to REV-1503?
Yes, attach the date-of-death valuation letters from each brokerage as supporting documentation; the Department often requests them and pre-attaching speeds processing.
Related reading
- How to Fill Out Pennsylvania Form REV-1500 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form REV-1502 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form REV-1508 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form REV-1510 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form REV-1505 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form REV-1512 (w/Examples) + FAQs
- How to Fill Out Pennsylvania Form PA-40 X (w/Examples) + FAQs