Howdy mdd2001-ga,
A reminder of the "Important Disclaimer: Answers and comments provided on
Google Answers are general information, and are not intended to substitute
for informed professional medical, psychiatric, psychological, tax, legal,
investment, accounting, or other professional advice."
It depends on the value of the estate and other things detailed below. If the
value of those things exceed $1 million, then estate taxes would be due on the
estate, which would include the brokerage account.
Note that the brokerage account is included because it would be part of an
estate that included a house in New York, and not because the brokerage
account was opened in New York.
The following are excerpts from the New York State Department of Taxation and
Finance website.
"How do I know if I am required to file a New York State estate tax return?"
http://tax.custhelp.com/cgi-bin/tax.cfg/php/enduser/std_adp.php?p_faqid=455
"If the date of death is on or after January 1, 2004, the estate must file a
New York State estate tax return if any one of the following conditions are
met:
...
The decedent was not domiciled in New York State at the time of death and the
estate includes real or tangible personal property with a situs in New York
State, and the total of the federal gross estate, federal taxable gifts and
specific exemption exceeds $1 million."
"What property is included in the individual's estate?"
http://tax.custhelp.com/cgi-bin/tax.cfg/php/enduser/std_adp.php?p_faqid=450
"The federal gross estate includes all property that a person owned outright,
had control over, or had an interest in on the date of his or her death.
Certain transfers made within the three year period prior to death are also
included in the gross estate."
If you need any clarification, please feel free to ask.
Search strategy:
Referenced the New York State Department of Taxation and Finance website.
http://www.tax.state.ny.us/
Looking Forward, denco-ga - Google Answers Researcher |
Clarification of Answer by
denco-ga
on
23 Nov 2006 21:27 PST
Howdy mdd2001-ga,
Seems that I was incorrect in my original answer, and I offer and owe you an
apology for that. A colleague (Thanks, Richard!) has pointed out that New
York State does not impose estate tax on intangibles, of which a brokerage
account is considered.
Not only that, but the New York State estate tax should only be applicable
on the real property, in this case the house, that is located in New York
State and not the total estate, and even only then if the total federal
gross estate, etc. is over $1 million.
Looking Forward, denco-ga - Google Answers Researcher
|
