Gift Tax 2024 Exemption

Gift Tax 2024 Exemption. A higher exemption means more estates may be exempt from the federal tax this year, which can. The gift tax is a federal tax on transfers of money or property to other people who are getting nothing (or less than full value) in return.

The amount that may be gifted annually to individuals without tax consequence) has increased from $17,000 to $18,000. Here’s how the gift tax works, along with current rates and exemption amounts.