Gift Tax 2024 Irs. Understanding the gift tax begins with familiarizing oneself with the annual gift tax exclusion ($18,000 in 2024) and the lifetime exemption amounts ($13.61 million),. (that’s up $1,000 from last year’s limit since the gift tax is one of many tax amounts adjusted annually for inflation.) for married couples,.
Most taxpayers won’t ever pay gift tax because the irs allows you to gift up to $13.61 million (as of 2024) over your lifetime without having to pay gift tax. The gift tax is applicable when you receive nothing in exchange, or receive compensation that’s less than the property’s full value.