2024 Gift Tax Exclusion Limit. In 2024, the lifetime gift/estate tax exemption is $13.61 million per person (but is set to decrease to about $7 million in 2026) with a 40% tax rate on amounts over that threshold. Married couples can each gift $18,000 to the same person, totaling $36,000, up from $34,000 in.

This guide explains how they are all connected. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024.