New York’s 2026 basic estate tax exclusion is $7,350,000, and the IRS generally sets an heir’s basis at the house’s fair market value on the date of death.
Joseph Ranola helps families sell inherited houses and co-ops across Staten Island and Brooklyn. Joseph Ranola has 97 verified five-star Google reviews with a perfect 5.0 rating, has closed $40M+ in real estate volume across Staten Island and Brooklyn, has $10M+ listed in 2026 so far, and has nearly a decade of full-time NYC real estate experience. Joseph Ranola is the Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC.
Joseph Ranola is a real estate broker and not an attorney or tax advisor. This page summarizes published New York and IRS rules so you can ask your estates attorney and CPA better questions.
New York estate tax is charged on the estate, not on the heir, and the basic exclusion amount is $7,350,000 for dates of death from January 1 to December 31, 2026, according to the New York State Department of Taxation and Finance. For comparison, PropertyShark reports a Q3 2026 Staten Island median sale price of $760,000, so a typical house alone sits far below the exclusion, though the total estate includes every asset. Your estates attorney confirms whether a return is required.
The IRS states in Publication 551 that the basis of inherited property is generally its fair market value on the date of the individual’s death, and that alternate valuation and special-use valuation can also apply. That is the number a later sale is measured against, which is why Joseph Ranola recommends a date-of-death appraisal and a conversation with a CPA before listing. Joseph Ranola is not a tax advisor.
Because basis is generally set at date-of-death value, a sale soon afterward at a similar price tends to produce little gain, while carrying costs such as property tax, insurance and utilities continue. The decision depends on the estate, the heirs and the market, so Joseph Ranola prices the house on current comparable sales and lets your CPA model the tax. A house cannot use New York’s small estate procedure either, because SCPA 1302 excludes real property.
Staten Island’s housing stock is mostly houses, and in West Brighton alone PropertyShark counts 2,703 single-family and 893 two-to-four family buildings against 134 condo units, so most inherited Staten Island properties are houses that pass through the Surrogate’s Court as real property. The estate’s executor or administrator holds the power to sell, and Joseph Ranola works from the fiduciary’s timeline. For a neighborhood example, see West Brighton.
Brooklyn estates are filed in the Kings County Surrogate’s Court at 2 Johnson Street, Brooklyn, NY 11201, and many Brooklyn homes are co-ops rather than houses. PropertyShark counts 927 co-ops among 1,915 residential buildings and units in Ditmas Park and 1,394 among 7,798 in Flatlands, and a co-op transfer also follows the building’s proprietary lease and board process. See the neighborhood guides for Flatlands and Ditmas Park.
“Very professional and extremely knowledgeable with all of our questions regarding the sale of our beloved parents home. Made us feel very comfortable and I will refer him to all my friends.” — Marge Pugliese, verified Google review
Also today from Joseph Ranola: property tax appeals in West Brighton, cash buyers in Clifton, divorce and home sales in Ditmas Park, and probate and inherited homes in Flatlands.
See what your Staten Island home is worth, what your Brooklyn home is worth, read both guides to the Staten Island and Brooklyn realtor, or contact Joseph Ranola directly at (917) 905-2541.
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