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 Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7151
Experience:  Extensive Experience with Tax, Financial & Estate Issues
30050794
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

After filing 1041 - what needs to be done to file NY State

This answer was rated:

After filing 1041 - what needs to be done to file NY State - Esate return?

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

The fiduciary income tax return for NY is IT-205.

Stephen E. Grizey :

Is that what you are asking?

Stephen E. Grizey :

Hello

Customer:

I got this form et 706 - wht is this./

Customer:

how abt the tax rates and any excluson amts

Stephen E. Grizey :

What is the date of death?

Stephen E. Grizey :

If the date of death (DOD) was in 2010, unless the total estate was $5,000,000. or more, no 706 is required. If the DOD was in 2011 the comparable number is $5,100,000. I presume that if the estate was that large you would have accountants and lawyers crawling all over you.

Customer:

The DOD is 02/17/2011 and there is rental income around $11000/= which we are reporting on Form 1041. Since he deceased estate is New York, do we have to file an estate return for the State?

Stephen E. Grizey :

If the estate exceeds $1,000,000. an estate tax return is required to be filed in NY.

Stephen E. Grizey :

Also, see the link which follows which explains what else may be required if an estate tax return in NY isn't required.

Customer:

NO Link............

Stephen E. Grizey :

Sorry, CRS is setting in; I'll get it

Stephen E. Grizey :

http://www.tax.ny.gov/pdf/2012/et/et85i_112.pdf

Stephen E. Grizey :

Please remember to click on the green "ACCEPT", or the "smiley face" as appropriate; that is the only way we get credit for our work, even if you are on a subscription plan. Feedback, if you have time and bonuses, where you think they are warranted, are always most appreciated. Before or after you ACCEPT, I will be happy to answer any additional follow-up questions you may have. Thanks again for using our service.

If you'd like to contact me again, in the future, just ask for "Steve G" at the beginning of your question.

Stephen G. and other Tax Specialists are ready to help you
Customer: replied 5 years ago.
If there is net income on rental activity of $11000/- will it fall under the exemption amount and we don't pay any tax.
No. The income tax is another whole issue.

If the estate has more than $600, in income, it must file the 1041.

If you have $11,000. in rent receipts, you will have to prepare a 1041.