Does New York still impose a gift tax?
No. New York repealed its gift tax for gifts made on or after January 1, 2000, so lifetime gifts of vehicles, art, jewelry, or business interests trigger no New York gift tax return. Valuations support the federal Form 709 filing instead.
What is New York's three-year gift add-back?
Gifts made within three years of death are pulled back into the New York taxable estate under Tax Law 954(a)(3). Exceptions include gifts made while the decedent was a nonresident, gifts before April 1, 2014, gifts between January 1 and January 15, 2019, and real or tangible property located outside New York when given, per the New York Department of Taxation and Finance.
How are clawed-back gifts of personal property valued?
At fair market value as of the date of the gift, following federal gift tax principles, while the rest of the estate is valued at death or the federal alternate valuation date. A well-documented appraisal at the time of the gift fixes that number before markets move.
When does an added-back gift actually create New York estate tax?
Only when the New York taxable estate, including the add-back, exceeds the basic exclusion amount: $7,160,000 for deaths in 2025 and $7,350,000 for deaths in 2026. Below the exclusion, the appraisal still matters for federal reporting but produces no New York tax.