NY Form Instructions 706 2024-2025

NY Form Instructions 706: What You Should Know

Form 706 includes a separate section that describes the methods for valuing the land for the estate tax. The instructions should outline all the steps and what to include. The New York State Taxation and Finance Department Website offers sample information explaining how to calculate the land value. The amount of the taxable estate must be reduced by net exempt gifts. See NYS Codes, Section 2033, 2032A. Instructions for New York state estate taxable estate or estate subject to the estate tax, tax on federal estate tax, federal personal property tax, and Federal sales tax. NYS Codes, Sections 50901, 10.25 or 10.26. If a portion or all of the taxable estate was exempt from New York State estate or gift tax, state tax on that part of the total value of the exempt estate property. • Slope of the land. The  New York State tax code allows for valuing land with the slope for tax purposes. See NYS Codes, Section 2033. The tax department publishes a table indicating the slopes of land, but the results vary from county to county. For example, if the slope is 8, but the value is 5 million, then the tax could be between 1,000 and 1,500 per year. You also must establish the valuation of the estate based upon the following methods: a) “Assumed value”. The decedent's value at the death is assumed to be equal to that time's fair market value. See NYS Codes, Section 2033. • Slope of the land. The “Assumed Value” is defined in New York State as the fair market value of the property at the time of the decedent's death. The “Assumed Value” may be determined by the fair market value of the property when it is used to determine property taxes, property insurance, the federal estate tax, or a federal tax on transfers of federally exempt property.  A person is “assumed to have used the property in trade, business, occupation or for a profit as determined under generally accepted accounting principles”. (NYS Code, Sections 50929, 50931.) If the fair market value was less than the taxable estate, the tax department would assume that the sale was taxable at the fair market value of the property. a) “Treatment of transfers”.

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