Gift Tax Limit 2024

Gift Tax Limit 2024. Effective january 1, 2024, the federal estate and gift tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an increase of $690,000. The lifetime gift tax exemption is tied to both the annual gift tax exclusion and the federal estate tax.

The gift tax limit (also known as the gift tax exclusion) is $18,000 for 2024. The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime.