 | Federal Transfer Tax Exemption Amounts Under the Tax Act of 2001
| Year |
Gift Tax Exemption Amount |
Estate Tax Exemption Amount |
Generation-Skipping Transfer Tax (GSTT) Exemption Amount |
| 2003 |
$1,000,000 |
$1,000,000 |
$1,120,000 |
| 2004 |
$1,000,000 |
$1,500,000 |
$1,500,000 |
| 2005 |
$1,000,000 |
$1,500,000 |
$1,500,000 |
| 2006 |
$1,000,000 |
$2,000,000 |
$2,000,000 |
| 2007 |
$1,000,000 |
$2,000,000 |
$2,000,000 |
| 2008 |
$1,000,000 |
$2,000,000 |
$2,000,000 |
| 2009 |
$1,000,000 |
$3,500,000 |
$3,500,000 |
| 2010* |
$1,000,000 |
Repealed |
Repealed |
| 2011 and after |
$1,000,000 |
$1,000,000 |
$1,000,000** |
*Estate tax and generation-skipping transfer tax are scheduled to be repealed during 2010. Lifetime gifts, however, will continue to be subject to gift tax.
**Plus applicable inflation adjustments.
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