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For 2023, the gift and estate tax exemption is $12.92 million ($25.84 million per married couple). Lifetime gifts that do not qualify for the annual exclusion described above will reduce the amount of gift and estate tax exemption available at death.
Basic exclusion amount For dates of deaththe basic exclusion amount isJanuary 1, 2023, through December 31, 2023$6,580,000January 1, 2022, through December 31, 2022$6,110,000January 1, 2021, through December 31, 2021$5,930,000January 1, 2020, through December 31, 2020$5,850,0005 more rows Dec 7, 2022
As of January 1, 2023, the New York exemption amount is $6.58 million per individual (up from $6.11 million in 2022).
You will fall off the cliff when your estates value exceeds 105% of the basic exclusion amount. The 2023 New York estate tax cliff is $6,909,000 (105% of $6,580,000).
In 2023 the annual exclusion amount increased from $16,000 to $17,000 per recipient, and the estate, gift, and GST exemption amount increased from $12.06 million to $12.92 million per individual.
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While New York doesnt charge an inheritance tax, it does include an estate tax in its laws. The state has set a $6.58 million estate tax exemption for 2023 (up from $6.11 million in 2022), meaning if the decedents estate exceeds that amount, the estate is required to file a New York estate tax return.
In addition to the Federal estate tax exemption increase, the New York State estate tax exemption has been adjusted for inflation as well. The New York State estate tax exemption amount for 2023 is $6,580,000, an increase from last year in the amount of $470,000.
Note: An estate tax waiver is not required for the estate of an individual whose date of death is on or after February 1, 2000. Also see Which estates are required to file a New York State estate tax return? on page 7 for filing requirements applicable to these estates.

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