Gift Tax Calculator
Calculate the potential gift tax liability for gifts given in the United States, considering annual exclusions and lifetime exemption.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Gift Tax Calculator
This calculator estimates the federal gift tax due on a gift, considering the annual exclusion and lifetime exemption. Follow these steps:
- Enter Gift Amount ($): Input the total value of the gift you are giving.
- Set Annual Exclusion ($): The default is $17,000 (2023 limit per recipient). Adjust if needed—this amount is subtracted from the gift first.
- Enter Lifetime Exemption Used ($): Input any prior lifetime exemption you have already used (default is $0). The calculator uses the 2023 lifetime exemption of $12.92 million.
- Set Gift Tax Rate (%): The default is 40% (maximum federal rate). Change if applicable.
- Click "Calculate Gift Tax": The result shows the tax due and a full breakdown of the calculation.
Note: All monetary values must be positive numbers. The calculator assumes U.S. federal gift tax rules for 2023. The result is an estimate and does not account for state taxes or special circumstances.
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Frequently Asked Questions
For 2023, the annual gift tax exclusion is $17,000 per donee. This means you can give up to $17,000 to any number of individuals each year without triggering a gift tax return or using your lifetime exemption.
The lifetime gift tax exemption for 2023 is $12.92 million. This is the total amount you can give over your lifetime without incurring federal gift tax. Gifts exceeding the annual exclusion reduce this exemption.
Generally, no. If your gift to any individual is equal to or less than the annual exclusion amount, you do not need to file a gift tax return (Form 709). However, there may be exceptions for gifts of future interests or certain other situations.
