What is the gift tax exclusion for 2023?

See Annual Exclusion, later. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $175,000. See Nonresidents Not Citizens of the United States, later. skipping transfers remains at 40%. See Table for Computing Gift Tax. The basic credit amount for 2023 is $5,113,800.

What is the 2024 lifetime gift limit?

The 2024 lifetime gift limit is $13.61 million, up from $12.92 million in 2023. And because it’s per person, married couples can exclude double that in lifetime gifts. For example, if you give your brother $50,000 in 2024, you’ll use up your $18,000 annual exclusion.

What is the annual gift tax exclusion?

The annual gift tax exclusion is a set dollar amount that you may give someone without needing to report it to the IRS. The threshold is typically adjusted to account for inflation each year. The IRS announced that the annual gift tax exclusion will be $18,000 in 2024, up from $17,000 in 2023.