Lifetime Estate-and-Gift Tax Exemption

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For 2026, the federal basic exclusion amount is $15,000,000 per individual for the unified estate-and-gift tax system; taxable lifetime gifts can use that amount and affect what remains available at death, subject to the applicable computation, prior transfers, credits, and elections.

$15,000,000 for 2026 gifts and deaths

The $15,000,000 figure applies for gifts made in 2026 and estates of decedents dying in 2026; a transfer in another year must use the law and instructions applicable to that year.

A credit calculation, not an account

The basic exclusion amount is part of the federal applicable-credit calculation, not a cash account, automatic deduction, or promise that no return is required.

Taxable gifts come back into the estate computation

Taxable gifts that use exclusion during life are brought into the unified estate-tax computation, so complete Form 709 records and prior-gift history remain important at death.

Annual-exclusion gifts leave the lifetime amount alone

The annual gift-tax exclusion is separate: qualifying annual-exclusion gifts generally do not consume the lifetime basic exclusion, while excess or otherwise taxable gifts can do so.

Portability needs a valid Form 706 election

Portability may add a deceased spouse's unused exclusion only when a valid Form 706 election or available relief applies; it is not automatic and does not transfer GST exemption.

State thresholds are separate and can be lower

State estate, inheritance, and gift-tax systems have independent thresholds, definitions, elections, and filing rules and may apply far below the federal amount.