2024 Gift Tax Exclusion Lifetime
2024 Gift Tax Exclusion Lifetime . In the following year, the federal lifetime gift and estate tax exemption level will be increased to $13.61 million per person and $27.22 million per married couple. Taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which is $13.61 million in 2024.
The irs typically adjusts this gift tax exclusion each year based on inflation. Here’s how the gift tax works, along with current rates and exemption.
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