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Kings New York online Form Instructions 709: What You Should Know
If you made a non-refundable gift to a trust after your retirement and before the trust died, it will be subject to the GST tax if you die in the future. If you received the gift before the trust died, it could be treated as a nontaxable personal gift. If you have questions about GST-related gift tax compliance, call the State Taxation and Finance Division at. If you have received a gift at death after the trust has passed away, the GST tax may be applicable. The trust's executor may need to fill out Form 7096, Return to Inherited Trust Fund for Gifted Property, to report the gift. Instructions for Form 7096 (Form 7096) Instructions for Form 7098 (Form 7098) Instructions for Form 7099 (Form 7099) All you want to know is that you must file the forms and that you are responsible for paying any applicable taxes, including any GST tax, that you owe. I also suggest using an accountant to do the filing. The best ones I know of are Deloitte, LLP or CPA firm. Also Note: If you are working from your house in retirement and are unsure of what to do next, you should refer to these links for what your estate should do: Deloitte, LLP's Estate Planning Checklist This is a good overview of the different types of estates that may be affected by income limitations. You may also want to review the Form 709, for federal gift taxes that can apply if a gift (or a transfer of non-cash property) is made from the estate. I don't know whether a Form 709 applies in New York State. It is important to note that a Form 709 does not give any other rights to the recipient of a gift other than the right to receive the remaining property, which remains the property of the original estate. You can learn more about any rights received from the gift here. Taxable Income of a Non-Resident Giver The gift of securities or commodity futures by non-residents to a resident of the other state will generally be treated as a taxable transfer that is taxed at the individual or corporate tax rates of the recipient.
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