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

2008

45%

$2,000,000

$12,000

Yes

No

2009

45%

$3,500,000

$13,000

Yes

No

2010

35% or 0%

$5,000,000 or $0

$13,000

Yes

No

2011

35%

$5,000,000

$13,000

Yes

Yes

2012

35%

$5,120,0002

$13,000

Yes

Yes

2013

40%

$5,250,0002

$14,000

Yes

Yes

2014

40%

$5,340,0002

$14,000

Yes

Yes

2015

40%

$5,430,0002

$14,000

Yes

Yes

2016

40%

$5,450,0002

$14,000

Yes

Yes

2017

40%

$5,490,0002

$14,000

Yes

Yes

2018

40%

$11,180,0003

$15,000

Yes

Yes

2019

40%

$11,400,0003

$15,000

Yes

Yes

2020

40%

$11,580,0003

$15,000

Yes

Yes

2021

40%

$11,700,0003

$15,000

Yes

Yes

2022

40%

$12,060,0003

$16,000

Yes

Yes

2023

40%

$12,920,0003

$17,000

Yes

Yes

2024

40%

$13,610,0003

$18,000

Yes

Yes

1 Inflation adjustment applied to base amount of $10,000.
2 Inflation adjustment applied to base amount of $5,000,000.
3 Inflation adjustment applied to base amount of $10,000,000. The Tax Cuts and Jobs Act is not permanent and “sunsets” in 2026 to pre-2018 laws unless Congress takes action.