A technical memorandum has been released by the New York State Department of Taxation and Finance explaining some of the 2015 amendments to estate tax law. The amendments are retroactively effective from April 1, 2015. This article provides a chart explaining how basic estate tax exclusion amount increases will be phased in for both New York residents and non-residents who own real property in New York. There will also be a gift add back provision for lifetime taxable gifts made in a three year period before death between April 1, 2014, and December 31, 2018. The final amended provision is a disallowance of certain Federal deductions for intangible personal property of non-residence. An executor of a non-resident estate of a person who died between April 1, 2014, and March 31, 2015, would need to file an amended tax return.
See Stacie J. Rottenstreich, Karin Barkhorn, and Edward Peck, Yet One More Word On New York Estate Taxes, Bryan Cave, August 3, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
