Lifetime Gift Tax Exclusion 2024 Irs. For 2024, the internal revenue service (irs) allows individuals to make gifts of up to $18,000 per year to an unlimited number of. As of 2024, the exemption is $13.61 million per person.
The 2024 lifetime federal gift and estate tax exemption update brings significant changes that can impact your estate planning strategy. The unified credit is also known as the lifetime estate and gift tax exemption, applicable exclusion amount, or basic exclusion amount.
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