Gift Tax 2024 Exclusion

Gift Tax 2024 Exclusion. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.

Spouses can elect to “split” gifts, which doubles the annual amount a married couple can give away in any year. Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023).