Annual Gift Tax Exclusion 2024 Per Person Per Year

Annual Gift Tax Exclusion 2024 Per Person Per Year. Here's how the gift tax works, along with current rates and exemption. The annual gift tax exclusion allows you to gift a person a maximum per year without having to report those funds to the irs.

Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient. The annual gift tax exclusion allows you to gift a person a maximum per year without having to report those funds to the irs.