Gift Tax Calculator
Calculate gift tax on large transfers during your lifetime. The annual exclusion allows tax-free gifts up to $18,000 per recipient per year.
Gift Tax Exclusions (2024)
| Exclusion Type | Amount |
|---|---|
| Annual exclusion | $18,000 per recipient |
| Married couple (gift splitting) | $36,000 per recipient |
| Lifetime exemption | $13.61 million |
| Unlimited exclusions | Medical/tuition (direct payments) |
Gift Tax Calculation
``javascript
function calculateGiftTax(giftAmount, annualExclusionUsed = 0, lifetimeExclusionUsed = 0) {
const annualExclusion = 18000;
const lifetimeExemption = 13610000;
// Amount exceeding annual exclusion
const taxableGift = Math.max(0, giftAmount - annualExclusion + annualExclusionUsed);
// Remaining lifetime exemption
const remainingLifetime = lifetimeExemption - lifetimeExclusionUsed;
// Tax owed (only if lifetime exemption exhausted)
const amountExceedingExemption = Math.max(0, taxableGift - remainingLifetime);
const giftTax = amountExceedingExemption * 0.40;
return {
giftAmount,
taxableGift,
usesLifetimeExemption: taxableGift - amountExceedingExemption,
giftTax
};
}
``
Gift Tax Examples
| Gift | Annual Exclusion | Uses Lifetime |
|---|---|---|
| $15,000 | Fully excluded | $0 |
| $50,000 | $18,000 | $32,000 |
| $100,000 | $18,000 | $82,000 |
Strategic Gifting
- Give to multiple recipients (each gets $18k exclusion)
- Pay medical/tuition directly (unlimited, no exclusion needed)
- Gift appreciating assets (future growth leaves your estate)