2024 Gift Tax Exclusion Per Person
2024 Gift Tax Exclusion Per Person. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. The annual gift tax exclusion will rise to $19,000 per recipient, up $1,000 from the 2024 limit.
You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. The gift tax limit (also known as the gift tax exclusion) is $18,000 for 2024.