How to use or fill out ET-85 New York with our platform
- Click ‘Get Form’ to open the ET-85 in the editor.
- Begin by entering the decedent's information, ensuring that the Social Security number is accurate. Attach a photocopy of the death certificate and mark an X in the appropriate box.
- If applicable, provide representative information for any authorized attorney or accountant. If you have submitted Form ET-14 previously, indicate its submission date.
- Fill in your details as the executor or applicant. If there are multiple executors, list them accordingly and attach necessary documentation like Letters Testamentary.
- Estimate the net estate by entering total asset values on lines 1 through 7. For line 8, include taxable gifts made within three years prior to death, following specific guidelines.
- Complete any required supplemental documents such as Form ET-117 for lien releases and attach copies of relevant legal documents like wills or power of attorney.
- Finally, review all entries for accuracy before submitting your completed form to the NYS Estate Tax Processing Center.
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How do I avoid the New York State estate tax cliff?
Other Ways to Avoid the Cliff Two common techniques are the use of credit shelter trusts for spouses and lifetime gifting. When you have a married couple, the first spouse to pass away can leave assets in a trust for the surviving spouse in a way that those assets are not part of the surviving spouses taxable estate.
How much money can you inherit without paying taxes on it in NY?
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 ($7.16 million in 2025), the assets are fully exempt from tax and no New York estate taxes will be due.
Do I have to file an estate tax return in NY?
Residents. The estate of a New York State resident must file a New York State estate tax return if the following exceeds the basic exclusion amount: the amount of the residents federal gross estate, plus. the amount of any includible gifts.
How to avoid paying capital gains tax on inherited property near New York?
Here are five ways to avoid paying capital gains tax on inherited property. Sell the inherited property quickly. Make the inherited property your primary residence. Rent the inherited property. Disclaim the inherited property. Deduct selling expenses from capital gains.
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