What Is the ?

Estate tax is what it sounds like: a tax levied on the estate of a deceased person prior to being dispersed to their heirs. You may have heard it referred to as the “death tax.” It does not apply to all estates, only those that reach a certain threshold of value, and that value differs from state to state.

Estate tax should not be confused with inheritance tax. Inheritance tax is money paid by the person who received the money once it has been dispersed. Estate tax is taken by the government from the estate of the deceased before their heirs receive it.
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New York Inheritance Tax

There is no inheritance tax in New York. If you’re getting money from a relative, you don’t have to give any of it to New York state. If the person who died lived in another state, though, make sure to check that state’s inheritance tax rules in case they apply to you.
https://smartasset.com/estate-planning/new-york-estate-tax

Does New York Have an Inheritance Tax or Estate Tax?

While New York doesn’t charge an inheritance tax, it does include an estate tax in its laws. The state has set a $6.11 million estate tax exemption, meaning if the decedent’s estate exceeds that amount, the estate is required to file a New York estate tax return. The state government requires that these be filed within nine months of the deceased’s death, though extensions are available. The highest tax rate you could possibly pay is 16%.
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Other Necessary Tax Filings

The New York estate tax is in addition to the federal estate tax, which calls for individual estates worth more than $12.06 million ($24.12 million for couples) between gross assets and prior taxable gifts to pay within nine months of the individual’s death. Only the value of the estate greater than the above exemption is eligible for the federal estate tax. An automatic six-month extension will be automatically granted for this should you ask for it prior to the due date.
https://smartasset.com/estate-planning/new-york-inheritance-...

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Note added at 5 days (2022-11-21 08:44:51 GMT)
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Federal Estate Tax

There is also a federal estate tax. The federal estate tax kicks in at $11.70 million in 2021, going up to $12.06 million in 2022. On the federal level, the estate tax exemption is portable between spouses. This means that with the right legal steps, a married couple’s estate exemption can be doubled when the second spouse dies. So a couple could protect up to $24.12 million of their estate from federal estate taxes.
https://smartasset.com/estate-planning/new-york-estate-tax

If you're a resident of New York and leave behind more than $6.11 million (for deaths occurring in 2022), your estate might have to pay New York estate tax. The New York estate tax is different from the federal estate tax, which is imposed on estates worth more than $12.06 million (for deaths in 2022). So even if your estate isn't large enough to owe federal estate tax, it might still owe New York estate tax.
https://www.nolo.com/legal-encyclopedia/new-york-estate-tax....

Is there a difference between inheritance tax and estate tax? Yes.

Confusion about these two terms is understandable because some people mistakenly use the terms interchangeably
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The Difference Between Inheritance Tax and Estate Tax

New York does not have an “inheritance tax.” Inheritance taxes are assessed on the property and money an heir receives from a decedent’s estate. The tax is paid by the heir. Although New York does not impose an inheritance tax, a New York resident with property located in another state may open their heirs up to paying that state’s inheritance tax unless steps are taken now to avoid it.

New York does have an “estate tax.” Estate taxes are assessed on the value of the property and money owned by the decedent at the time of their death. The NYS estate tax rates are progressive, starting at 3% and capping at 16%. There is also a portion of a NYS estate that enjoys an exclusion threshold (Basic Exclusion Amount (“BEA”), such that estates valued at that BEA threshold or less have no NYS estate tax. Estate tax is paid by the estate from the estate’s assets before any heirs or creditors receive anything.

The U.S. federal government imposes an “estate tax” but not an “inheritance tax.” The federal estate tax rate can reach 40%.

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While many states impose estate taxes on the assets of a decedent whose property passes through probate, only six impose an inheritance tax on the beneficiaries who receive the inheritance: New Jersey, Pennsylvania, Maryland, Kentucky, Iowa, and Nebraska. Only Maryland has both a state estate tax and an inheritance tax. Iowa is scheduled to eliminate its inheritance tax by 2025.
https://www.ejrosenlaw.com/inheritance-tax-in-new-york/

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Note added at 5 days (2022-11-21 08:47:01 GMT)
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What Are Death Taxes?

Death taxes are taxes imposed by the federal and some state governments on someone's estate upon their death. These taxes are levied on the beneficiary who receives the property in the deceased's will or the estate which pays the tax before transferring the inherited property.

Death taxes are also called death duties, estate taxes, or inheritance taxes.
https://www.investopedia.com/terms/d/death-taxes.asp

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Note added at 8 days (2022-11-24 11:00:31 GMT) Post-grading
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Estate and inheritance taxes are taxes levied on the transfer of property at death. An estate tax is levied on the estate of the deceased while an inheritance tax is levied on the heirs of the deceased.
https://www.urban.org/policy-centers/cross-center-initiative...

federal estate tax
https://www.taxpolicycenter.org/briefing-book/how-do-estate-...

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Note added at 8 days (2022-11-24 11:07:53 GMT) Post-grading
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Death tax refers to the taxes imposed on a property upon the owner’s death and which are levied on either the beneficiary who inherits it or the estate taking care of it until the transfer is complete. These can be part of federal taxes or state taxes, or both but do not apply to all.
https://www.wallstreetmojo.com/death-tax/

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Note added at 8 days (2022-11-24 11:08:32 GMT) Post-grading
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Inheritance and estate taxes are two such tax forms imposed on a deceased’s property.