2024 Lifetime Gift Tax Exemption Limit

2024 Lifetime Gift Tax Exemption Limit. (that’s up $1,000 from last year’s limit since the gift tax is one of many tax amounts adjusted annually for inflation.) for married couples, the. 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, you can give up to $18,000 to each recipient without triggering the gift tax, which is known as the annual gift tax exemption. This exemption is combined with the estate tax exemption to cover both the total value of gifts during your lifetime and your estate’s value upon death.