Federal Estate & Gift Tax

Year

Top Tax Rate

Basic Exclusion Amount

Gift Tax Annual Exclusion1

Carry-Over Basis

Portability of Deceased Spouse’s Unused Exemption

2008

45%

$2,000,000

$12,000

No

No

2009

45%

$3,500,000

$13,000

No

No

20102

35% or 0%

$5,000,000 or $0

$13,000

No

No

2011

35%

$5,000,000

$13,000

No

Yes

2012

35%

$5,120,0003

$13,000

No

Yes

2013

40%

$5,250,0003

$14,000

No

Yes

2014

40%

$5,340,0003

$14,000

No

Yes

2015

40%

$5,430,0003

$14,000

No

Yes

2016

40%

$5,450,0003

$14,000

No

Yes

2017

40%

$5,490,0003

$14,000

No

Yes

2018

40%

$11,180,0004

$15,000

No

Yes

2019

40%

$11,400,0004

$15,000

No

Yes

2020

40%

$11,580,0004

$15,000

No

Yes

2021

40%

$11,700,0004

$15,000

No

Yes

2022

40%

$12,060,0004

$16,000

No

Yes

1 Inflation adjustment applied to base amount of $10,000.
2 Executor may elect for the estate tax and step-up basis rules not to apply to a 2010 decedent; this election results in the application of the modified carryover basis rules to the estate.
3 Inflation adjustment applied to base amount of $5,000,000.
4 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.