Gift Tax Exclusion 2024. When calculating gift tax, you will need to know the gift value that exceeded the annual exclusion limit to determine the corresponding rate which ranges from 18% to 40%. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts โ up to $13.61 million per person in 2024.
Gift tax exemption for 2024. These gifts can include cash as well as.