2025 Lifetime Gift Tax Exemption. For gift and estate tax purposes, the lifetime exemption amount will increase to $13.99 million per person (up from $13.61 million in 2024). The tcja went into effect on january 1, 2018, and doubled the estate and gift tax exemption from $5 million to $10 million for individuals and $10 million to $20 million for joint filers.
If you’re married and pass away in 2025, your spouse is entitled to a separate $13.99 million exemption and can inherit your unused lifetime exemption by filing an estate tax return on form 706. This allows individuals to gift up to $19,000 per recipient without incurring gift tax or using up their lifetime exemption.
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