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ESTATE TAX AND NY NONRESIDENT

  • 1.  ESTATE TAX AND NY NONRESIDENT

    Posted 22 days ago
    Taxpayer date of death 2/2/19 when federal exemption is 11,400,000.
    Total gross estate assets 10,000,000 so no federal 706 is required.
    Taxpayer is a NY nonresident which has included in above estate values real property located in NY
    for 1,500,000.
    The NY basic exclusion for 2019 is 5,740,000. There would be no NY estate  tax due since
    NY assets are below the basic exclusion. Does taxpayer need to file NY ET-706, due to the
    fact  the non residents federal gross estate  exceeds the NY basic exclusion

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    KENNETH SCHUSTER
    KENNETH SCHUSTER CPA
    SYOSSET NY
    KJTAX@AOL.COM
    516-364-1600
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