2024 Gift Tax Exemption For Seniors. These increases include the federal gift, estate, and gst (generation skipping tax). In november 2023, the irs announced increases for gift and estate tax exemptions in 2024.
The annual gift tax exclusion will rise to $19,000 per recipient, up $1,000 from the 2024 limit. The annual gift tax exclusion amount has increased from $17,000 per person in 2023 to $18,000 per person in 2024 (or $36,000 for married couples choosing to individually make gifts).
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