Lifetime Estate-and-Gift Tax Exemption

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.

Key fact 1

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.

Key fact 2

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.

Key fact 3

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.

Key fact 4

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.

Key fact 5

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.

Key fact 6

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