2024 Gift Exclusion Amount Taxable

2024 Gift Exclusion Amount Taxable. Married couples can each gift $18,000 to the same person, totaling $36,000, up from $34,000 in 2023. With regard to the exclusion for tangible personal property, sec.

This allows individuals to gift up to $18,000 to multiple recipients each year without incurring gift tax. This credit eliminates federal gift tax liability on the first taxable gifts made in one’s lifetime, up to the $13,610,000 exemption amount in 2024.