2024 Gift Tax Exclusion Lifetime

2024 Gift Tax Exclusion Lifetime. Here's how the gift tax works, along with current rates and exemption amounts. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024.

For 2024, the internal revenue service (irs) allows individuals to make gifts of up to $18,000 per year to an unlimited number of individuals, with. The lifetime exemption is the total amount an individual can give away over their lifetime without incurring gift tax.