What is the 2024 annual gift tax exclusion?

$18,000 per recipient per year. You can give up to $18,000 to any number of individuals without filing a gift tax return. Married couples can gift $36,000 per recipient using gift splitting.

What happens when gifts exceed the annual exclusion?

Gifts above $18,000 per recipient per year reduce your lifetime exemption ($13.61 million in 2024). Gift tax is only owed when the lifetime exemption is exhausted.

Are gifts to a spouse taxable?

Gifts to a US citizen spouse are unlimited under the unlimited marital deduction. Gifts to a non-citizen spouse have an annual exclusion of $185,000 in 2024.

Are educational and medical direct payments excluded?

Yes. Direct payments to educational institutions for tuition and to medical providers are completely excluded from gift tax with no annual limit, separate from the $18,000 exclusion.

When does the lifetime exemption sunset?

The current $13.61 million lifetime exemption is scheduled to be cut roughly in half after 2025. Making large gifts before 2026 may be advantageous.

US Gift Tax Annual Exclusion Calculator 2024

Calculate US gift tax using the $18,000 annual exclusion per recipient (2024). Gifts above the exclusion reduce the lifetime exemption ($13.61m per person). Spousal transfers unlimited.

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Frequently Asked Questions

What is the 2024 annual gift tax exclusion?

What happens when gifts exceed the annual exclusion?

Are gifts to a spouse taxable?

Are educational and medical direct payments excluded?

When does the lifetime exemption sunset?