Gift Tax 2024 Exemption Limit

Gift Tax 2024 Exemption Limit. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient.

The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient. 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.