Estate Taxes in Buffalo
If you need to file estate tax in New York, you may run into some difficulties or tax controversies that require the assistance of an experience Buffalo estate tax lawyer. Here is some helpful information about estate taxes in Buffalo.
Estate Taxes in Buffalo | Filing Requirements
An estate is required to file a New York State estate tax return if the total of the federal gross estate plus the federal adjusted taxable gifts and specific exemption exceeds $4,187,500 and the individual was either:
- A resident of the state at the time of death
- A resident or citizen of the U.S. at the time of death but not a resident of the state, whose estate includes real or tangible personal property located in the state.
For an individual who was not a resident or citizen of the U.S. at the time of death, the estate must file a New York State estate tax return if the estate includes real or tangible personal property located in the state and the gross estate located in the U.S. exceeds the filing limit.
Estate Taxes in Buffalo | When to File and Pay Estate Taxes
Estates must file and pay the tax using Form ET-706, New York State Estate Tax Return, within 9 months after the decedent’s date of death. Estates must submit a completed Federal Form 706, United States Estate Tax Return with the NYS estate tax return, even if the estate is not required to file a federal estate tax return with the IRS. Penalties may apply for late filing or payment.
Estate Taxes in Buffalo | Information You May Need
Other information you may need to provide in regards to estate taxes include:
- Copies of the death certificate
- Copies of the decedent’s will and/or relevant trusts
- Copies of appraisals
- Letters of appointment for executors or administrators
- Copies of relevant documents regarding litigation involving the estate
- Documentation of any unusual items shown on the return (partially included assets, losses, near date of death transfers, others)
If you are having any issues with filing estate taxes in Buffalo, please contact our experienced Buffalo estate tax lawyers today to learn how we can help you preserve your assets, and your legacy.