Erinn Jacklyn

Lifetime Gift Tax Exclusion 2024 Form. The lifetime gift tax exemption in 2024 is set at $13.61 million per individual. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax.

But exceeding the limit doesn’t necessarily result in owing tax,. The lifetime gift tax exemption in 2024 is set at $13.61 million per individual.