Karry Marylee

2024 Gift Tax Exemption Amount. For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants without having to pay any. Under the income tax act, a gift of more than rs 50,000 received from a relative is considered 'income from other sources'.

For 2024, the annual gift tax limit is $18,000. The irs has announced that for 2024, the federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person.