Laura Morgana

Gift Tax Limit 2024 Per Person. But what are the tax implications of giving financial gifts over this. The gift tax is a way the government taxes citizens by levying on any transfer of assets to an individual that is free or paid below fair market value.

As per irs gift tax rules, for the year 2024, the annual gift tax exclusion limit remains at $15,000 per individual recipient. Ordinary monetary and property gifts are unlikely to be impacted by this tax, since the yearly limit for 2024 is $18,000 per giver per recipient.