What Is The Gift Tax Limit For 2024. The annual gift tax exclusion of $18,000 for 2024 is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax. In 2024, each person may gift up to $18,000 each year to any individual.
According to the income taxact, money or movable/immovable property that an individual receives from another individual/organization without making a payment is termed as โgiftโ. The exclusion will be $18,000 per recipient for 2024โthe highest exclusion amount ever.
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