2024 Gift Amount Irs
2024 Gift Amount Irs. 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 allows you to give a set amount to an individual each year without having to report the transfer to the irs or pay gift tax.
This amount increases to $13.61 million for 2024. The irs recently announced increases in gift and estate tax exemptions for 2025.