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Do I Have to File an Estate Tax Form in New York?

Certain estates are required to file New York State estate tax returns.

An estate is required to file a New York State estate tax return if the decedent was:
(1) a resident of the state at the time of death or
(2) a resident or citizen of the U.S. at the time of death, but not a resident of New York, but his estate had tangible personal property located in New York

AND

The total of the federal gross estate + the federal adjusted taxable gifts and specific exemptions = greater than $ 1,000,000.00 (One Million Dollars).

An estate will also have to file a New York estate tax return for a decedent who was not a resident or citizen of the U.S. if the estate had real or personal property located in New York and the gross estate exceeds the filing limit.

The filing limit is $60,000.00 MINUS the sum of:

The gift tax specific exemption applicable to certain gifts made in 1976 +
the total taxable gifts made after 1976 that are not included in the gross estate.

For estate tax purposes, the gross estate is the total dollar value of all property and assets in which the decedent had an interest in at the time he died.

If you fall into one of the above categories, your estate must file using Form ET-706 within 9 months after the decedent’s date of death. The estate must also complete a Federal Form 706 (United States Estate Tax return) along with the New York State tax form. An extension of time for filing the return and paying tax may be given by using Form ET-133 (Application for Extension of Time to File and/or Pay Estate Tax)

These forms are available on the New York State Department of Taxation and Finance website.

This information was compiled using the New York State Department of Taxation and Finance website. For more information visit: http://www.tax.ny.gov/pit/estate/etidx.htm.

If you need assistance filing your estate tax return, call the Law Offices of Albert Gurevich at (212) 233-1233.