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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My dad has a gross estate of 1,139,750 and deductions 8,560.

Customer Question

My dad has a gross estate of 1,139,750 and deductions 8,560. In the 1,139,750 there is real estate located in Florida of $190,000 and NY real estate of 915,000.What is his NYS estate tax? He passed away as a NY resident
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

Sorry for your loss...

As your father was a NY resident - total estate is a subject for NY estate taxes.

 

New York decided to discontinue its estate tax's link to the federal estate tax, which is being phased out - thus New York estate tax liability will generally exceed the allowable federal credit for state death taxes. The estate must file a New York State estate tax return if

  • 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.
  • 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 $1 million.
  • 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, Form 706-NA.

NY estate tax publications - http://www.tax.state.ny.us/pubs_and_bulls/publications/estate_pubs.htm

please find NY forms here - http://www.tax.state.ny.us/forms/estate_cur_forms.htm

To calculate NY estate tax - you need to file an estate tax return and take all deductions.

Only the amount above $1,000,000 will be taxable - see tax schedule on the last page of the form - http://www.tax.state.ny.us/pdf/2008/et/et706_308.pdf .