• The single tax deduction provides a set dollar amount that an individual can give over a lifetime and pass on to heirs before any gift or inheritance taxes apply.

  • The tax credit combines gift and estate taxes into one tax system that reduces an individual’s or estate’s tax bill, dollar by dollar.
  • The lifetime gift and property tax exemption for 2022 is $12.06 million for individuals and $24.12 million for married couples filing a joint return.
  • In tax year 2022, you can give up to $16,000 ($32,000 for “split” spouse gifts) tax-free to any number of recipients, using no lifetime gifts, and exemption from inheritance tax.