New York Estate Tax Calculator

Estimate your potential New York estate tax liability based on current laws

Assets

Residence & Other Real Estate

Stocks, Bonds, and Other Investments

Savings, CDs, and Checking Accounts

Vehicles, Boats, and Other Properties

Retirement Plans

Life Insurance Benefit

Other Assets

Total Assets $0

Liabilities & Deductions

Debts (mortgages, loans, credit cards, etc.)

Funeral & Administration Expenses

Charitable Contributions

State Inheritance or Estate Taxes

Lifetime Gifted Amount

Assets passing to surviving spouse

Total Liabilities & Deductions $0

Estimated New York Estate Tax

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$0 $1M $5M $10M $15M

Taxable Estate $0

New York Estate Tax Exemptions & Rates

Current New York Estate Tax (2024)

Basic Exclusion Amount

$6.94 million

Tax Rate

3.06% - 16%

New York has a "cliff" tax system where if your estate exceeds the exemption by more than 5%, the entire estate becomes taxable, not just the amount over the exemption.

Year	Exemption	Top Tax Rate
2014	$2,062,500	16%
2015	$3,125,000	16%
2016	$4,187,500	16%
2017	$5,250,000	16%
2018	$5,250,000	16%
2019	$5,740,000	16%
2020	$5,850,000	16%
2021	$5,930,000	16%
2022	$6,110,000	16%
2023	$6,580,000	16%
2024	$6,940,000	16%

Important Note About New York's "Cliff" Tax

If your taxable estate exceeds the exemption by more than 5%, the entire estate becomes taxable, not just the amount over the exemption. This is unique to New York and can result in significantly higher taxes than expected.

About New York Estate Taxes

What is the New York Estate Tax?

The New York estate tax is a tax imposed on the transfer of the estate of a deceased person who was a resident of New York at the time of death. For non-residents, only real and tangible personal property located in New York is subject to the tax.

New York's estate tax has a "cliff" provision where if the estate exceeds the exemption amount by more than 5%, the entire estate becomes taxable, not just the amount over the exemption. This can result in a significant tax bill.

How is the Tax Calculated?

The New York estate tax is calculated as follows:

Determine the total gross estate (all assets at fair market value)
Subtract allowable deductions (debts, funeral expenses, etc.)
Subtract the New York exemption amount ($6.94M in 2024)
If the taxable amount exceeds the exemption by more than 5%, the entire estate becomes taxable
Apply the graduated tax rates (3.06% to 16%) to the taxable amount

Ways to Reduce Your Estate Tax

1. Make Lifetime Gifts: New York doesn't have a gift tax, so gifting assets during your lifetime can reduce your taxable estate.

2. Create a Trust: Certain types of trusts can remove assets from your taxable estate while still providing benefits to your heirs.

3. Charitable Giving: Assets left to qualified charities are deductible from your taxable estate.

4. Life Insurance Trusts: Properly structured, these can keep life insurance proceeds out of your taxable estate.

5. Portability: New York doesn't allow portability of unused exemption between spouses, so consider credit shelter trusts.

When to Consult a Professional

Estate tax laws are complex, especially in New York with its unique "cliff" provision. If your estate is approaching or exceeds the exemption amount, consult with an estate planning attorney or tax professional to explore strategies to minimize your tax liability.