Gift Tax 2024 Exclusion
Gift Tax 2024 Exclusion. The internal revenue service (irs) sets certain thresholds to help regulate gifting. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax.
As of 2024, the annual exclusion amount was $18,000 per recipient per year ($36,000 for taxpayers filing married filing joint). Gifting is one of the many ways to express love and affection.