SmartAsset has further detailed the estate laws of New York if you’re looking for more information. But for those who simply own property in New York but aren’t residents, only the value of their property in New York is included in this law. It’s necessary to file a New York estate tax return if the estate’s total value exceeds the exemption listed above, according to New York inheritance laws. The highest tax rate you could possibly pay is 16%. The state government requires that these be filed within nine months of the deceased’s death, though extensions are available. The state has set a $6.11 million estate tax exemption, meaning if the decedent’s estate exceeds that amount, the estate is required to file a New York estate tax return. While New York doesn’t charge an inheritance tax, it does include an estate tax in its laws. Does New York Have an Inheritance Tax or Estate Tax?
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