Updated November 5, 2026. Quick answer: The section 7520 rate for November 2026 is 6.2%, from Rev. Rul. 2026-21, Table 5. It is up from 5.6% in October 2026 (Rev. Rul. 2026-19). The IRS table lists the 120% mid-term figure as 6.11 (the mid-term AFR is 5.08%), and the rate rounds that figure to the nearest two-tenths of one percent. The IRS’s copy of the ruling is dated October 16, 2026.
Section 7520 rate by month: the June 2026 section 7520 rate, the July 2026 section 7520 rate, the August 2026 section 7520 rate and the October 2026 section 7520 rate.
The November 2026 rate
| Step | November 2026 |
|---|---|
| Mid-term AFR, annual compounding | 5.08% |
| 120% of the mid-term AFR (IRS table) | 6.11 |
| Section 7520 rate (rounded) | 6.2% |
The ruling’s table is headed “Rate Under Section 7520 for November 2026”, and the IRS’s own table repeats the figure: 6.11 for the 120% mid-term AFR and 6.2 for the section 7520 interest rate.
How 6.11 becomes 6.2%
The statute sets the rate as “an interest rate (rounded to the nearest 2/10ths of 1 percent) equal to 120 percent of the Federal midterm rate in effect under section 1274(d)(1) for the month in which the valuation date falls”. The IRS table puts the same rule this way: “the interest rate for a particular month is the rate that is 120 percent of the applicable federal midterm rate (compounded annually) for the month in which the valuation date falls”.
For November 2026 the ruling prints a mid-term AFR of 5.08% (annual compounding) and a 120% mid-term figure of 6.11. The two nearest two-tenths values are 6.0 and 6.2. 6.11 is 0.11 points above 6.0 and 0.09 points below 6.2, so the rounded rate is 6.2%, the figure in Rev. Rul. 2026-21 Table 5 (computed).
The 2026 rates month by month
| Valuation month | Mid-term AFR, annual | 120% of the mid-term AFR (IRS) | Section 7520 rate | Revenue ruling |
|---|---|---|---|---|
| January 2026 | 3.81% | 4.57 | 4.6% | Rev. Rul. 2026-2 |
| February 2026 | 3.86% | 4.63 | 4.6% | Rev. Rul. 2026-3 |
| March 2026 | 3.93% | 4.72 | 4.8% | Rev. Rul. 2026-6 |
| April 2026 | 3.82% | 4.59 | 4.6% | Rev. Rul. 2026-7 |
| May 2026 | 4.08% | 4.91 | 5.0% | Rev. Rul. 2026-9 |
| June 2026 | 4.13% | 4.97 | 5.0% | Rev. Rul. 2026-11 |
| July 2026 | 4.35% | 5.23 | 5.2% | Rev. Rul. 2026-12 |
| August 2026 | 4.35% | 5.23 | 5.2% | Rev. Rul. 2026-13 |
| September 2026 | 4.49% | 5.40 | 5.4% | Rev. Rul. 2026-17 |
| October 2026 | 4.61% | 5.54 | 5.6% | Rev. Rul. 2026-19 |
| November 2026 | 5.08% | 6.11 | 6.2% | Rev. Rul. 2026-21 |
Do not recompute the rate from the printed mid-term AFR
Multiplying the printed mid-term AFR by 1.2 can land on the wrong rate. For November 2026 the printed mid-term AFR is 5.08%, and 5.08 times 1.2 is 6.096, which would round to 6.0, not 6.2. The ruling’s own 120% mid-term figure is 6.11, and it rounds to 6.2% (computed). The same thing happens for May 2026: 4.08% times 1.2 rounds to 4.8, and the IRS rate is 5.0%. Take the rate from Table 5 of the ruling or from the IRS table, never from the printed AFR (computed from both tables).
Which month’s rate a valuation uses
The rule keys on the valuation date: “for the month in which the valuation date falls”. For a charitable gift the statute adds a choice: “If an income, estate, or gift tax charitable contribution is allowable for any part of the property transferred, the taxpayer may elect to use such Federal midterm rate for either of the 2 months preceding the month in which the valuation date falls”. So a November 2026 valuation date can use these rates:
| Month whose rate can be used | Section 7520 rate | Source |
|---|---|---|
| November 2026 | 6.2% | Rev. Rul. 2026-21, Table 5 |
| October 2026 | 5.6% | Rev. Rul. 2026-19, Table 5 |
| September 2026 | 5.4% | Rev. Rul. 2026-17, Table 5 |
Only the first row applies when no charitable contribution is allowable for any part of the property. Which choice is better for a given gift is a calculation for the gift’s own numbers; this page lists the rates, not the answer.
When the next rate appears
Each month’s ruling is issued the month before. The IRS’s copies of the 2026 rulings are dated between the 15th and the 21st of the month before the rate month (server dates read November 5, 2026). The December 2026 ruling is not out yet; the page for it is the December 2026 section 7520 rate, which carries the November rate until the ruling appears.
Common mistakes
- Reading the mid-term AFR as the section 7520 rate. The rate is 120 percent of the mid-term AFR, rounded to the nearest two-tenths of one percent.
- Recomputing the rate from the printed mid-term AFR. For November 2026 that gives 6.0%, while the IRS rate is 6.2%.
- Using the rate for the month the ruling appears in. The rate belongs to the valuation month, and the ruling for a month is issued the month before.
Related: the November 2026 AFR page, the December 2026 section 7520 rate, the section 7520 rate for every month, and the charitable remainder trust retest.
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Answer againSources
- Internal Revenue Service, Rev. Rul. 2026-21 (prescribed rates for November 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Section 7520 interest rates (monthly table, with the 120% mid-term figure and the rounded rate): www.irs.gov
- 26 U.S.C. 7520, Valuation tables (U.S. Code, 2024 edition, U.S. Government Publishing Office): www.govinfo.gov
- Internal Revenue Service, Rev. Rul. 2026-2 (prescribed rates for January 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-3 (prescribed rates for February 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-6 (prescribed rates for March 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-7 (prescribed rates for April 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-9 (prescribed rates for May 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-11 (prescribed rates for June 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-12 (prescribed rates for July 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-13 (prescribed rates for August 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-17 (prescribed rates for September 2026, Table 5 the rate under section 7520): www.irs.gov
- Internal Revenue Service, Rev. Rul. 2026-19 (prescribed rates for October 2026, Table 5 the rate under section 7520): www.irs.gov
Read from the primary documents linked above on November 5, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer or the IRS itself is the right place to confirm anything consequential.