New York imposes estate tax on estates exceeding the basic exclusion amount, which is $7,350,000 for dates of death in 2026 (NYS Tax Department, T1, fetched 2026-08-07). The figure is set annually, so confirm the amount for the applicable year of death. Critically, if your estate exceeds 105% of the exemption, the entire estate - not just the excess - becomes taxable. This cliff creates situations where selling real property before death to reduce estate value below the threshold saves more in estate tax than the capital gains tax costs. Sellers near this threshold need coordinated tax and estate planning.
From the seller playbook: Estate Planning Integration
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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