Irs Gift Tax Rules 2024

Irs Gift Tax Rules 2024. The irs adjusts the gift tax exclusion periodically to keep pace with inflation. Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023).

In 2023, the irs set the lifetime gift tax exemption at $12.92 million, enabling individuals to transfer this amount tax. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.