Legal Question in Wills and Trusts in New York

There might be a tax deposit collected at the closing, particularly if the property was owned by a non-resident decedent. In the usual situation, where the decedent was the owner of the property, its cost basis becomes the value of the property at the decedent's date of death, not the original cost. This might be diferrent if the decedent had placed ownership in some other form of ownership other than individually. When matched with selling price less closing costs, and presuming no unusual factors have caused the property to appreciate in value between the date of death and date of closing, most sales will actually produce a loss, not a gain. If a non-resident estimated tax is collected at the closing, many states (I do not know about NY) have a quick procedure to determine actual tax responsibility and claim a refund of over-paid estimated taxes, Thus, it may only be a short time to recoup any excess tax.