Federal Estate & Gifts Taxes: |
New York |
New York |
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Transfer (or death) during years: |
Gift Tax |
Estate Tax |
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Exclusion Amt |
Exclusion Amt |
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1998 |
$625,000 |
$115,000 |
$300,000 |
as of 10/1/98 |
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1999 |
$650,000 |
$300,000 |
$300,000 |
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2000 + 2001 |
$670,000 |
No Gift Tax as of 1/1/00 |
sop tax only as of 2/1/00 |
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2002 + 2003 |
$700,000 |
No Gift Tax |
sop tax only |
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2004 |
$850,000 |
No Gift Tax |
sop tax only |
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2005 |
$950,000 |
No Gift Tax |
sop tax only |
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2006 + later |
$1,000,000 |
No Gift Tax |
sop tax only |
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"sop tax" refers to a New York estate tax equivilant to the |
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Federal credit for state death taxes paid. Thus, there is no |
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cost to the estate of dying a New York resident under this rule. |
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