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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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my brother and I are joint tents in my mothers house and stock

Customer Question

my brother and I are joint tents in my mothers house and stock profile with her. do we have to pay new york inheritance tax on the whole estate or just my mother's portion
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

Lev :

Hi and welcome to our site!
The inheritance tax is imposed on the beneficiary - means on the person who gets the property from the deceased. NY no longer has an inheritance tax as it was repealed in 2004.
However NY does have estate tax which is paid by the estate before the assets are distributed to beneficiaries. For purposes of New York State estate tax, the gross estate includes all property that a person owned, had control over, or had an interest in on the date of his or her death. An estate is required to file a New York State estate tax return if the total of the federal gross estate plus the federal adjusted taxable gifts and specific exemption exceeds $1 million.
For estate tax purposes - only a portion of the property owned on the date of the death is include. Also gifts made within one year before the death are also included.

JACUSTOMER-kmwug78t- :

the total estate is worth about 1.5 mil most of it is held in joint tentency between my brother, me and my mother. for example the stock fund is worth 900,000 would my mother's estate include my brother and my portion or just my mothers portion or 300,000 as part of the million dollars exemption what I am trying to find out will we have to pay taxes

Lev :

For estate tax purposes - only a portion of the property owned on the date of the death is included. For purposes of New York State estate tax, the gross estate includes all property that a person owned, had control over, or had an interest in on the date of his or her death. Thus - if the property is owned jointly by three persons in equal parts - only 1/3 of the property is owned by the deceased. Same is true for the investment account - if such account is owned jointly by three partners - only 1/3 of the value is owned by the deceased.

JACUSTOMER-kmwug78t- :

thank you- you have answered my question

Lev :

Here is some additional information which might be helpful
http://www.tax.ny.gov/pit/estate/etidx.htm
http://www.tax.ny.gov/pubs_and_bulls/publications/estate_pubs.htm
http://www.tax.ny.gov/pubs_and_bulls/advisory_opinions/estate_ao.htm

Expert:  Lev replied 3 years ago.
Just in case you were not able to use the chat - I am switching to Q&A mode and posting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

Here is some additional information which might be helpful
http://www.tax.ny.gov/pit/estate/etidx.htm
http://www.tax.ny.gov/pubs_and_bulls/publications/estate_pubs.htm
http://www.tax.ny.gov/pubs_and_bulls/advisory_opinions/estate_ao.htm