2024 Gift Exclusion. 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. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.
The annual exclusion for gifts in 2024 is $18,000, up from $17,000 in 2023. Here’s how the gift tax works, along with current rates and exemption amounts.