2024 Lifetime Gift Tax Exclusion Amount. A higher exemption means more estates may be exempt from the federal tax this year, which can save heirs from a hefty tax. There's no limit on the number of individual gifts that can be made, and couples can give double that amount if they elect to split gifts.

Spouses can elect to “split” gifts,. In 2024, the annual exclusion is $17,000 per recipient or $34,000 for a married couple who chooses to split gifts.