2024 Gift Tax Exclusion Lifetime Exemption

2024 Gift Tax Exclusion Lifetime Exemption. The gift tax rate only applies to gift amounts exceeding the lifetime exclusion limit, which is $12.92m for the 2023 tax year. Learn how the annual gift tax exclusion and the federal estate tax exemption will increase in 2024, and how they affect your tax planning.

The federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person and $27.22 million per married couple next year. Learn how to use the federal tax benefits of lifetime gift and estate tax exclusions, which are $13.61 million and $18,000 respectively in 2024.