2024 Gift Tax Exclusion Rules

2024 Gift Tax Exclusion Rules. The lifetime gift tax exemption is tied to both the annual gift tax exclusion and the federal estate tax.  — one is the annual gift tax exclusion, also known as the gift tax limit, a set dollar amount adjusted yearly for inflation.

11 rows  —  — the income tax act states that gifts whose value exceeds. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.