2024 Gift Tax Exemption Lifetime

2024 Gift Tax Exemption Lifetime. The unified credit is a combination of the gift tax exemption and estate tax exemption amount and is the amount that an individual may give either during their lifetime or at death. The lifetime gift tax exemption is tied to both the annual gift tax exclusion and the federal estate tax.

The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime. As of 2024, the lifetime exemption is $13.61 million per.