2024 Gift Limit Tax

2024 Gift Limit Tax. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. Here's how the gift tax works, along with current rates and exemption amounts.

It’s essential to understand the rules, limits, and guidelines surrounding it, especially as they may change from year to year. Married couples can each gift $18,000 to the same person, totaling $36,000, up from $34,000 in 2023.