2024 Gift Tax

2024 Gift Tax. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024.

The irs has specific rules about the taxation of gifts. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.