Lifetime Gift Tax Exclusion 2024 Irs. You need not be concerned about taxes on gifts that are equal to or less than the annual exclusion limit. Of this $84.4 trillion, more than half ($53 trillion) would.

Furthermore, the irs has announced that the lifetime exemption from estate and gift tax will be raised to $13.61 million by the year 2024. This credit, which applies to gifts made during lifetime or at death, is known as the gift and estate tax exemption.