A New York estate may be subject to New York estate taxes depending on the value of the estate after paying claims and other debts. The estate is required to file a New York estate tax return on Form ET-706 if the value of the decedent’s New York estate exceeds $1,000,000 less adjusted federal gift tax exemptions and the individual was either a New York resident or a resident or citizen of the United States and owned property located in the State of New York. For a non-resident or non-U.S. citizen, the estate must file a return if the decedent owned property in the State of New York exceeding $60,000, reduced by any tax exemptions allowed for gifts made in the United States either in 1976 or after 1976, which are not included as part of the gross estate.
The tax return, any amount owing and a copy of the federal estate tax return 706, even if there are no federal taxes owed, must be filed with the New York Taxation and Finance. There may be other documents that must be filed as well including a copy of the decedent’s death certificate, will, trust, property appraisals, letters appointing the executor or administrator, any litigation documents filed against the estate and anything showing financial losses or transfers near the time the decedent passed away.
The return, supporting documentation and payment of any taxes due should be mailed to the NYS Estate Tax Processing Center, P.O. Box 15167, Albany, NY 12212-5167.
If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.