Irs Gift Tax Limits 2024

Irs Gift Tax Limits 2024. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The annual gift tax exclusion will rise to $19,000 per recipient, up $1,000.

In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. The irs annual gift tax limit is $17,000 for 2023 and $18,000 for 2024.