2024 Annual Gift Tax Exclusion Amount. The lifetime exclusion is $13.61 million. Expect the federal gift tax annual exclusion amount to increase to $18,000 per donee starting in 2024.
There’s no limit on the number of individual gifts that can be made, and couples can give. This exclusion amount, which currently stands at $18,000 for the year 2024, is adjusted annually for inflation, making it a valuable tool for wealth transfer planning.
The 2024 Annual Exclusion Amount Will Be $18,000 (Up From $17,000 In 2023).
In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.
The Annual Gift Tax Exclusion Amount Has Increased From $17,000 Per Person In 2023 To $18,000 Per Person In 2024 (Or $36,000 For Married Couples Choosing To Individually.
The lifetime exclusion is $13.61 million.
2024 Annual Gift Tax Exclusion Amount Images References :
About 516,991 People Filed Gift Tax Returns In 2023, And The.
As announced by the irs, the key 2024 federal transfer tax exemption amounts per taxpayer are as follows:
