Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning

Gift Tax Exemption Increased for 2024

by | Dec 7, 2023 | Firm News

The 2023 annual gift exclusion amount is $17,000 per person per recipient and it will increase to $18,000 in 2024.

The current lifetime gift/estate tax exemption for 2023 is $12.92 million per person and is scheduled to increase to $13.61 million per person for 2024. These higher exemptions will automatically sunset on January 1, 2026 absent any additional legislative action. At that time, the exemptions will revert back to the 2017 levels which are about half of the current amounts