Irs Tax Free Gift Limit 2024. The irs has specific rules about the taxation of gifts. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
In 2023, you can make annual gifts to any one person up to a maximum of $17,000 per year ($18,000 in 2024, estimated to be $19,000 in 2025). You can gift each individual $18,000 in 2024 without filing a gift tax return.