As of 2024, the annual gift tax exclusion limit is $18,000 per recipient. The annual gift tax limit is $16,000 for the 2022 tax year.
But here’s the tricky part: In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from.
The Tax Applies Whether Or Not.
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.
In Addition, Gifts From Certain Relatives Such As Parents, Spouse And Siblings Are Also Exempt From.
This means that you can give up to $13.61 million in gifts throughout your life without.
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The Tax Applies Whether Or Not.
But here’s the tricky part:
For 2024, The Internal Revenue Service (Irs) Has Set The Annual Exclusion For Gift Taxes At $18,000 Per Gifter, Meaning You Can Give Up To $18,000 To As Many People.
The annual exclusion amount for 2023 is $17,000 and for 2024 is $18,000.