Instructions for Form ET-706 New York State Estate Tax Return For an estate of an individual who die 2025

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The document provides detailed instructions for completing the New York State Estate Tax Return (Form ET-706) for estates of individuals who died on or after January 1, 2023. It outlines requirements for filing, including the add back of taxable gifts, marital deductions for non-citizen spouses, and penalties for late filing or payment. The document also specifies the necessary forms and supporting documents required, deadlines for submission, and guidelines for estates of both residents and non-residents of New York State.

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Click ‘Get Form’ to open the Instructions for Form ET-706 in the editor.
Begin by entering the decedent's information, including their name, address, Social Security number, and date of death. Ensure accuracy as this data is crucial for processing.
Complete the sections regarding the estate's value. This includes calculating any includible taxable gifts made during the three years prior to death. Use our platform’s tools to easily input these figures.
If applicable, indicate if you are making a QTIP election by filling out the relevant section. This is important for tax calculations and must be done accurately.
Review all entries carefully before submitting. Utilize our platform’s review features to ensure no fields are left incomplete or incorrect.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I file taxes on behalf of a deceased person?

When there is no executor or administrator, whoever is responsible for filing the return should sign the return and note that they are signing on behalf of the decedent. If a joint return is filed by the surviving spouse alone, they should sign the return and write filing as surviving spouse in the space for the

How do I file a deceased persons New York state tax return?

file with the Tax Department: Form ET-706, New York State Estate Tax Returnusing the return designated for the decedents date of deathand. federal Form 706, United States Estate Tax Return even if the estate is not required to file a federal estate tax return.

How to file taxes for the estate of a deceased?

For calendar year estates and trusts, file Form 1041 and Schedule(s) K-1 on or before April 15 of the following year. For fiscal year estates and trusts, file Form 1041 by the 15th day of the 4th month following the close of the tax year.

What happens if you dont file a final tax return for a deceased person?

0:33 3:13 1 4 if there are no assets to cover the taxes. The IRS will investigate to ensure no assets wereMore1 4 if there are no assets to cover the taxes. The IRS will investigate to ensure no assets were transferred to beneficiaries or creditors instead of paying the tax liability.

What are the filing requirements for the estate tax return 706 )?

Do all estates have to file Form 706? No, not all estates need to file Form 706. Only estates with gross assets and prior taxable gifts exceeding the annually determined exemption amount are required to file this form. For 2023, this threshold is set at $12.92 million, or $13.61 million in 2024.

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Do beneficiaries of an estate have to pay taxes?

Beneficiaries of an inheritance in California typically do not have to pay income taxes on the inherited assets. That is because inherited assets are generally not taxable income for individual beneficiaries.

Do I need to report inheritance to the IRS?

You typically dont need to report inheritance money to the IRS because inheritances arent considered taxable income by the federal government.

Who has to file a NYS estate tax return?

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 ($6,940,000) applicable for