How much money can you give away in 2024?

Understanding the ins and outs of the federal gift tax can be important for the wealthy and generous, but most Americans will never face this tax. That’s because the IRS allows you to give away up to $18,000 in 2024 and $17,000 in 2023 in money or property to as many people as you like each year.

What is the gift tax limit for 2023?

The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient. 1 For 2024, the limit has been adjusted for inflation and will rise to $18,000. 2 You’ll have to report any gifts you give above that amount to the IRS on your tax return (using Form 709). There are some exceptions to the rule, but I’ll get to those in a bit.

What is the 2024 lifetime gift limit?

The 2024 lifetime gift limit is $13.61 million, up from $12.92 million in 2023. And because it’s per person, married couples can exclude double that in lifetime gifts. For example, if you give your brother $50,000 in 2024, you’ll use up your $18,000 annual exclusion.