Gift Tax Rates 2024 Irs. For 2023, the gift tax exemption is $17,000, an increase from $16,000 in 2022. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax.

You pay tax as a percentage of your income in layers called tax brackets. Keep in mind that you do not have to pay these gift taxes until your lifetime exemption is depleted.