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NY taxable estate question

kenkadish
Level 2

I have a client who made substantial gifts more than three years prior to his demise. These gifts are added back when calculating the client's federal gross estate (Schedule G Form 706). It is my understanding that gifts made more than three years prior to death are not counted for NYS estate tax purposes, but the NY ET-706 starts with the federal gross estate which includes the gift amounts.

What is the correct way to reduce the NY taxable estate calculation by the amount of the gifts made more than three years prior to death but included in the federal gross estate?

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5 Comments 5
George4Tacks
Level 15

Have you read the instructions? What does it state about your question? What does Schedule D look like? 


Answers are easy. Questions are hard!
kenkadish
Level 2

Thanks, I've resolved the issue...

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Skylane
Level 11
Level 11

What was your resolution.?

If at first you don’t succeed…..find a workaround
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kenkadish
Level 2

The resolution is that gifts which are included as part of the federal estate are also part of the NY estate. The ET-706 instructions were confusing at first because they refer to gifts made within three years of death having to be added back (like the old gifts in contemplation of death rules) which intimated, to me, that perhaps gifts made prior to three years of death were excluded.

Skylane
Level 11
Level 11

Thanks

If at first you don’t succeed…..find a workaround
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