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winktax
winktax, Enrolled Agent
Category: Tax
Satisfied Customers: 425
Experience:  18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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My mother died in 2010, when there was no federal inheritance

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My mother died in 2010, when there was no federal inheritance tax. I received disbursements from her estate only in 2011. Is there a New York tax on the money received?

winktax :

New York does have an estate tax which is calculated separately from the Federal Inheritance tax. A federal inheritance may not be due but a New York Estate tax could be due.

winktax :

In general the New York Estate tax is due on estates greater than $1,000,000.

winktax :

As the person inheriting money, property from an estate, there is not tax due either federal or State depending on the type of assets received.

winktax :

Cash, property, stocks, bonds, are not taxable to the heir on an estate. Previously non-taxed assets such as IRA, 401k, US savings bonds would have taxes due to the heir of an estate.

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