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By Staff Reporters
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Annual Gift Tax Exclusion Increased
Currently, you can give any number of people up to $17,000 each in a single year without taxation. For 2024, this will be increased to $18,000. For married couples, $36,000 will be available to be given to beneficiaries, tax-free, beginning next year.
Lifetime Gift Tax Exemption
Additionally, the IRS has announced that the lifetime estate and gift tax exemption will increase to $13.61 million in 2024. If a gift exceeds the annual limit ($17,000 this year, $18,000 in 2024), that does not automatically prompt a gift tax. The difference is simply taken from the person’s lifetime exemption limit and no taxes are owed.
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Filed under: "Ask-an-Advisor", Accounting, Estate Planning, Funding Basics, Taxation | Tagged: Accounting, annual gift tax exclusion, estate tax, exemptions, gtft tax, IRS, lifetime gift tax exemption, Taxation | Leave a comment »
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