How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10100
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

Is there a requirement to amend a New York State Estate

Customer Question

Is there a requirement to amend a New York State Estate return if you find additional assets after 3 years from filing has elapsed
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations. … I can help here

...

If an estate tax return is required, the total probate process will usually take between eighteen (18) months to three (3) years. The executor must file a New York estate tax return if the estate assets are greater than $1,000,000. The executor may not distribute to the heirs until he has received a closing letter from the tax authorities, which may take several months or even years.

...

Have you received the closing letter?

Expert:  Lane replied 1 year ago.

OK, I still don't see you coming in to the chat ... so I'll answer generally

...

New York state statute of limitations to collect all income and estate taxes is 3 years after you file.

...

There are two statutes of limitation in the estate tax area in NY

...

the first has to do with when you pay. Estate taxes are due and payable on the date of death, and you have unitl the 9th month after death to pay.

...

The second is the statute on collection; New York has a statue of limitations to Collect the taxes or intitaite collection activities, which is 3 years from the date of filing.

...

Hope that helps. let me know if you have questions

...

If this HAS helped, (and you don't have any other questions on this), I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

...

Thank you,

Lane

.