Gift Tax Limit 2024 Per Person. 1 for 2024, the limit has been adjusted for inflation and will rise to $18,000. That’s because in addition to the $18,000 annual exclusion, there is a $13.16 million lifetime exclusion, per person, for gift and estate taxes as of 2024.
The annual gift tax exclusion level will increase from $17,000 per person in 2023 to $18,000 per person in 2024, in tandem with the significant adjustments in the. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax.
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