Gift Limit 2024 Per Person. There are many common misunderstandings about the gift tax. This gift tax limit isn’t a cap on the total sum of all your gifts for the year.
The annual gift tax exclusion for 2024 sets limits on how much you can give to an individual without triggering federal gift tax. There’s no limit on the number of individual gifts.
You Can Make Individual $18,000 Gifts To As Many People As You Want.
But even if you exceed that amount, there are some.
Remaining Lifetime Exemption Limit After Gift:
There’s no limit on the number of individual gifts.
In 2023, A Married Couple Could Jointly Give Up To $34,000 Per Person Without Facing Gift Taxes.
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You Can Make Individual $18,000 Gifts To As Many People As You Want.
You’ll have to report any gifts you give above.
For 2024, The Annual Gift Tax Limit Is $18,000.
However, for 2024, the annual gift tax exclusion will increase to $18,000 per recipient, adjusting for inflation from the $17,000 limit in 2023.