Is there a limit to the amount of inheritance tax due on an intestate estate?

Yes, there is a limit to the amount of inheritance tax due on an intestate estate in New York. Generally, inheritance tax is imposed when the estate of a deceased person passes to an heir who is not a spouse or lineal descendant. In New York, the inheritance tax rate is a flat 16%. The inheritance tax is paid by the executor of the estate or the recipients of the inheritance. In New York, there is a $105,000 tax exemption on the estate of a deceased person who is survived by their spouse and lineal descendants. This means that if the value of the estate is less than $105,000, the estate is not subject to inheritance tax. In addition to the $105,000 exemption, New York offers an additional $5,187 exemption for each of the decedent’s lineal descendants. This means that if, for example, the decedent has two lineal descendants, then the total exemption is $115,374 ($105,000 + $5,187 x 2). Finally, New York also offers an additional $1,500 exemption for each of the decedent’s siblings who survive the decedent. This means that if, for example, the decedent has two siblings, then the total exemption is $107,500 ($105,000 + $1,500 x 2). In summary, the inheritance tax due on an intestate estate in New York is limited by the $105,000 exemption, plus any additional exemptions based on the number of lineal descendants and surviving siblings.

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Is there a limit to the amount of inheritance tax due on an intestate estate?

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