2024 Gift Tax Exemption Lifetime

2024 Gift Tax Exemption Lifetime. This limit is called the lifetime, or combined, gift and estate tax exemption. On december 22, 2017, congress passed the tax cuts and jobs act of 2017 (the “act”), which allowed for an increase in lifetime gift tax exemption amount (“lifetime exemption.

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. Consult a tax professional for tailored guidance.