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The imposition of New York estate tax

For individuals who died before April 1, 2014, an estate tax return must be filed in New York state if the federal gross value of the estate is more than $1 million. In addition, the decedent must have been a resident of New York state at the time of his or her death. An estate tax return may also need to be filed if the decedent owned property in the state at the time of his her death.

Those who were not a citizen of the state or the country may have to file an estate tax return under other circumstances. For example, if there was real or tangible property within the estate worth more than $60,000, a return may need to be filed. Regardless of why an estate may need to file such a return, it must be filed within nine months of the date that the deceased individual passed on.

Form ET-706 must be filed if New York estate taxes are owed while Form 706 must be filed regardless. Form 706 is the United States estate tax form. Filing Form ET-133 may allow an estate an extension of up to six months to file a return. Additionally, an estate may get up to four more years to pay taxes owed. However, interest will be applied to the balance owed if paid after the nine-month deadline.

When an individual passes on, his or her estate must be settled in a timely manner. Consultation with an estate administration attorney may make it easier to settle the estate and distribute its assets relatively quickly. An attorney may also be able to offer tax planning advice in advance to reduce potential estate taxes owed.

Source: The New York State Department of Taxation and Finance, "Estate tax", October 29, 2014

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