How Much Can You Gift Tax Free 2024
How Much Can You Gift Tax Free 2024. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. Staying under these limits per recipient exempts you from filing a gift tax return for the year.
Gift tax rules allow up to $18,000 annually, per recipient, in 2024, but there’s a lifetime exclusion. In 2024, you can give gifts of up to $18,000 to as many people as you want without any tax or reporting requirements.