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Form ET-85 New York State Estate Tax Certification Revised 6/23
Get Form ET-85 New York State Estate Tax Certification Revised 6/23
Department of Taxation and FinanceNew York State Estate Tax CertificationFor office use onlyET85 (6/23)For an estate of an individual whose date of death is on or after January 1, 2019 Decedents last.
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Form et FAQ
The current New York estate tax exemption amount is $6,940,000 in 2024 (up from $6,580,000 in 2023). Under current law, this number will remain until January 1, 2025, at which point it will rise again with inflation.
Spread Between Federal and New York State Estate Tax Exemptions Date of DeathFederal ExclusionSpreadJanuary 1, 2019, to December 31, 2025$11,400,000*$5,660,000*January 1, 2026, and beyond$5,740,000**~$0**
New York Estate Tax Rate It starts at 3.06% and goes up to 16%. The taxable estate is the value of the estate above the $6.94 million exemption (unless the estate reaches that cliff of 105% of $6.94 million, then the whole estate is taxable).
How to avoid New York's Fiscal Cliff There are many ways our estate tax attorneys can help you avoid this cliff and safeguard your wealth. ... Credit Shelter Trusts. Non-Grantor Trusts. Changing Your Domicile. Strategic Gifting. Charitable Formula Gifts. Discounted Valuation of Closely-Held Businesses.
Generally, for New York estate tax purposes, if the value of assets passing to beneficiaries other than a spouse or charity is below a certain threshold ($6.58 million in 2023), the assets are fully exempt from tax and no New York estate taxes will be due.
The New York estate tax threshold is $6.94 million in 2024 and $6.58 million in 2023. That number will keep going up annually with inflation. This means that if a person's estate is worth less than $6.94 million and they die in 2024, the estate owes nothing to the state of New York.
The estate of an individual who was a NYS resident at the time of death must file a NYS estate tax return if the total of the federal gross estate plus any includible taxable gifts made while the individual was a resident of New York State exceeds the New York State basic exclusion amount ($6,580,000) applicable for ...
Basic exclusion amount For dates of deaththe basic exclusion amount isJanuary 1, 2024, through December 31, 2024$6,940,000January 1, 2023, through December 31, 2023$6,580,000January 1, 2022, through December 31, 2022$6,110,000January 1, 2021, through December 31, 2021$5,930,0006 more rows
Et85 Related content
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Jan 25, 2014 — DASA training is required for anyone applying for New York State...
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