Irs Gift Tax Limits 2024. The irs recently announced that the annual gift tax exclusion for tax year 2024 will increase to $18,000 for individuals and $36,000 for married couples filing jointly. 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.
Itโs essential to be aware of the specific gift limit set by the irs for the year 2024 to ensure your gifts remain exempt from federal gift taxes. Visit the estate and gift taxes page for more comprehensive estate and gift tax information.