Gift Tax 2024 Exclusion Limit

Gift Tax 2024 Exclusion Limit. The amount that may be gifted annually to individuals without tax consequence) has increased from $17,000 to $18,000 per recipient for 2024. The irs has specific rules about the taxation of gifts.

 — in 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. This is known as the “gift tax exclusion amount.” spouses can elect to “split” gifts, which doubles the annual amount a married couple can give away in any year.