Individual taxpayers may also make gifts up to $18,000 per gift recipient (up to $36,000 per recipient for married couples) in 2024 without using any of their lifetime. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 million (twice that for couples making joint gifts).
As of 2024, the lifetime exemption is $13.61. In 2023, you can make annual gifts to any one person up to a maximum of $17,000 per year ($18,000 in 2024, estimated to be $19,000 in 2025).
For 2024, The Lifetime Gift Tax Exemption Is $13.61 Million, Up From $12.92 Million In 2023.
Effective january 1, 2023, the following amounts may be helpful in considering estate planning options for the new year:
So, Say That Youโre Married.
The 2024 lifetime federal gift and estate tax exemption update brings significant changes that can impact your estate planning strategy.
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In 2024, A Single Taxpayer Can Claim A Federal Estate And Lifetime Gift Tax Exemption Of $13.61 Million (Twice That For Couples Making Joint Gifts).
For 2024, the lifetime gift tax exemption is $13.61 million, up from $12.92 million in 2023.
There's No Limit On The Number Of Individual Gifts That Can Be Made, And Couples Can.
But exceeding the limit doesn’t necessarily result in owing tax, thanks to a high lifetime estate and gift tax exemption.