What Is The Annual Gift Tax Exclusion 2024 Tax

What Is The Annual Gift Tax Exclusion 2024 Tax. The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient. The gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year, up from $17,000 in 2023.

The amount that may be gifted annually to individuals without tax consequence) has increased from $17,000 to $18,000 per recipient for 2024. The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient.