Lifetime Gift Tax Exclusion 2024 Per Person. If you exceed the annual gift tax limit, you may have to file a federal gift tax return (irs form 709). The irs has announced that for 2024, the federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person.
The irs sets a limit on how much one person can gift to another in a year without incurring a gift tax. If a gift exceeds the $18,000 limit for 2024, that does not automatically trigger the gift tax.