The Internal Revenue Service (IRS) has announced an increase in the federal estate and gift tax exemptions for 2027. In an announcement on Thursday, the agency raised the per-person federal "basic exclusion amount" for 2027 to $15.48 million, up from $15 million in 2026, applicable to tax-exempt asset transfers made both during life and after death. At the same time, the IRS also adjusted several inflation-indexed thresholds, including federal income tax brackets, capital gains tax brackets, and eligibility criteria for income tax credits.