Lifetime Gift Tax Exclusion 2024 Form. 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). Farm families who decide to gift a portion of the business to heirs should weigh the options carefully โ gifting shares during life may reduce the donor's tax liability but could also.
Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts.
Lifetime Gift Tax Exclusion 2024 Form Images References :