Estate tax in New York question?
I am so confused by this one thing. My mother passed away a couple of weeks ago. She had 1.3M in regular accounts and another 230K in retirement accounts. So everything all together is about 1.5M I know there is no inheritance tax and no federal inheritance ot estate tax (it is under 3.5M), but I cannot figure out if there is a New York Estate Tax. I keep reading different things, from there is none, to that there is a tax over 1M. Does anyone know?
Public Comments
- Inheritance and Estate Taxes There is no inheritance tax. Regarding the estate tax, if the date of death is on or after January 1, 2004, the estate must file a New York State estate tax return if any one of the following conditions are met: (1) The decedent was domiciled in New York State at the time of death and the total of the federal gross estate, federal taxable gifts and specific exemption exceeds $1 million; (2) The decedent was not domiciled in New York State at the time of death and the estate includes real or tangible personal property with a situs in New York State, and the total of the federal gross estate, federal taxable gifts and specific exemption exceeds $1million; or (3) The decedent was neither a resident nor a citizen of the United States, the estate includes real or tangible personal property with a situs in New York State, and the estate is required to file a federal estate tax return. For further information, visit the New York Department of Taxation and Finance site. http://www.tax.state.ny.us/ http://www.tax.state.ny.us/forms/estate_cur_forms.htm The ET-706 instructions: On or after January 1, 2004 The estate of an individual who died on or after January 1, 2004, who was either a resident or citizen of the United States at the time of death, and was not a resident of NYS at the time of death, must file a NYS estate tax return if the estate includes real or tangible personal property having an actual situs in NYS and the gross estate, plus federal adjusted taxable gifts and specific exemption, exceeds $1,000,000. The estate must also submit a completed Form ET-141, New York State Estate Tax Domicile Affidavit.
