What Is The Gift Tax Limit For 2024 And 2024. Instead, a gift is taxed only after you exceed your lifetime estate and gift exemption, which in 2024 is $13.61 million for individuals and $27.22 million for married couples. This means that an individual can give away assets worth up to this amount to as many people as they.
For the year 2024, the irs sets specific limits on the amount that can be given to any number of individuals without incurring a gift tax or even needing to file a gift tax return. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax.
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