2024 Gift Exclusion Limit

2024 Gift Exclusion Limit. The us internal revenue service has announced that the annual gift tax exclusion is increasing in 2024 due to inflation. Starting from calendar year 2024, the annual exclusion for gifts will increase to $18,000, up from $17,000 in 2023.

A married couple filing jointly can double this amount and gift. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax.