Lifetime Gift Tax Exclusion 2024

Lifetime Gift Tax Exclusion 2024. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024. The federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person and $27.22 million per married couple next year.

Since you have your full $13.61 million lifetime. How the annual gift tax exclusion works?