Gift Tax 2024 Exemption. The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime. For 2024, the lifetime gift tax exemption is $13.61 million, up from $12.92 million in 2023.

The gift tax is a federal tax on transfers of money or property to other people who are getting nothing or less than full value in return. The gift tax exemption, a cornerstone tool of estate planning, is set to be cut approximately.