ET-706 - New York State Estate Tax Return 2025

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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
New York Estate Tax Exemption The New York estate tax threshold is $7.16 million in 2025 and $6.94 million in 2024. That number will keep going up annually with inflation. This means that if a persons estate is worth less than $7.16 million and they die in 2024, the estate owes nothing to the state of New York.
A California Estate Tax Return, Form ET-1, is required to be filed with the State Controllers Office, whenever a federal estate tax return Form-706 is filed with the Internal Revenue Service (IRS).
Fortunately for beneficiaries, New York does not impose an inheritance tax, meaning you dont pay taxes simply because you inherit assets. However, New York does enforce an estate tax. This tax is not paid by the inheritor but by the estate of the deceased before the assets are distributed.
An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedents adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedents death, as shown in the table below.
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