Federal Estate & Gift Tax

Year

Top Tax Rate

Basic Exclusion Amount

Gift Tax Annual Exclusion1

Step Up in Basis at Death

Portability of Deceased Spouse’s Unused Exemption

Portability of Deceased Spouse’s Unused GST Exemption

2008

45%

$2,000,000

$12,000

Yes

No

No

2009

45%

$3,500,000

$13,000

Yes

No

No

2010

35% or 0%

$5,000,000 or $0

$13,000

Yes

No

No

2011

35%

$5,000,000

$13,000

Yes

Yes

No

2012

35%

$5,120,000

$13,000

Yes

Yes

No

2013

40%

$5,250,000

$14,000

Yes

Yes

No

2014

40%

$5,340,000

$14,000

Yes

Yes

No

2015

40%

$5,430,000

$14,000

Yes

Yes

No

2016

40%

$5,450,000

$14,000

Yes

Yes

No

2017

40%

$5,490,000

$14,000

Yes

Yes

No

2018

40%

$11,180,000

$15,000

Yes

Yes

No

2019

40%

$11,400,000

$15,000

Yes

Yes

No

2020

40%

$11,580,000

$15,000

Yes

Yes

No

2021

40%

$11,700,000

$15,000

Yes

Yes

No

2022

40%

$12,060,000

$16,000

Yes

Yes

No

2023

40%

$12,920,000

$17,000

Yes

Yes

No

2024

40%

$13,610,000

$18,000

Yes

Yes

No

2025

40%

$13,990,000

$19,000

Yes

Yes

No

2026

40%

$15,000,0002

TBD

Yes

Yes

No

1 Inflation adjustment applied to base amount of $10,000.
2 Inflation adjustment applied to base amount of $15,000,000.