2024 Gift Tax Exemption Amount. The unified credit is a combination of the gift tax exemption and estate tax exemption amount and is the amount that an individual may give either during their. The irs has specific rules about the taxation of gifts.
Effective january 2024, the federal estate & gift tax exemption is slated to increase by $690,000, reaching $13,610,000 per person (compared to the 2023. The unified credit is a combination of the gift tax exemption and estate tax exemption amount and is the amount that an individual may give either during their.
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