Tax Free Gift Limit 2024

Tax Free Gift Limit 2024. 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. Your lifetime limit will be lowered by $3,000 because that’s how much of your gift.

 — in 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.  — giving a gift of more than $17,000 can lead to a tax bill.