Lifetime Gift Tax Exclusion 2024 Per Person. The annual federal gift tax exclusion amount will also increase to $18,000 per person in 2024 (or $36,000 for married couples who split gifts). If a person gifts an amount that is above the annual gift tax exclusion, a portion of the person’s lifetime gift tax exemption ($13.61 million in 2024) will be used.

The annual gift tax exclusion. You must pay tax on all gifts above your lifetime exclusion, though you can still give up to the annual amount without paying gift tax.