Annual Gift Tax Exclusion 2024 Taxguru

Annual Gift Tax Exclusion 2024 Taxguru. The 2024 annual exclusion amount will be $18,000 (up from $17,000 in 2023). The irs typically adjusts this gift tax exclusion each year based on inflation.

The gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year, up from $17,000 in 2023. Under section 2503(e) of the internal revenue code (the “code”), tuition payments.