Lifetime Gift Tax Exclusion 2024 Form. For 2024, the internal revenue service (irs) allows individuals to make gifts of up to $18,000 per year to an unlimited number of. For tax year 2023, the lifetime gift tax exemption is $12.92 million.
Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). The 2024 lifetime federal gift and estate tax exemption update brings significant changes that can impact your estate planning strategy.
