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By using the IRS Form 709, you would report the gift and deduct $3,000 from your lifetime exemption of $12.92 million for this year. If you were planning on such a gift in 2024, you would subtract ...
The Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift and estate tax exemption limit in 2018 for individual filers. But starting in 2016, that generous cap will revert to pre-2018 levels ...
Instead, a gift is taxed only after you exceed your lifetime estate and gift exemption, which in 2024 is $13.61 million for individuals and $27.22 million for married couples.
Each giver and recipient pair has its own annual exclusion; a giver can give to any number of recipients, and the exclusion is not affected by other gifts that the recipient may have received from other givers. Second, gifts over the annual exclusion may still be tax-free up to the lifetime estate basic exclusion amount ($13.61 million for 2024).
As a result, as long as your lifetime giving hasn’t exhausted the $13.61 exemption limit, a $75,000 gift for a down payment in 2024 won’t incur gift taxes. Tips for Structuring Large Gifts
The fiscal year 2014 budget called for returning the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption to the 2009 level, $3.5 million, in 2018. [45] The exemption amounts set by the Tax Cuts and Jobs Act of 2017, $11,180,000 for 2018 and $11,400,000 for 2019 again have a sunset and will expire 12/31/2025