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New York State Department of Taxation and Finance Generation Skipping Transfer Tax Return for Terminations For office use only ET501 For terminations made during the calendar year 2011 Calendar year
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What is generation-skipping transfer?
A generation-skipping transfer is a transfer of property to a skip person who is at least two generations below the transferor.
Who is required to file generation-skipping transfer?
The person making the generation-skipping transfer is required to file the necessary paperwork.
How to fill out generation-skipping transfer?
To fill out a generation-skipping transfer, you will need to provide details about the transferor, skip person, and the property being transferred.
What is the purpose of generation-skipping transfer?
The purpose of a generation-skipping transfer is to avoid estate taxes that would be incurred if the property passed through multiple generations.
What information must be reported on generation-skipping transfer?
The transferor must report details about the transfer, including the value of the property and the relationship between the transferor and skip person.
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