Gift Tax 2024 Exemption. You can give gifts or money up to £3,000 to one person or split the £3,000 between several people. In november 2023, the irs announced increases for gift and estate tax exemptions in 2024, including an increase in the federal gift, estate, and gst.
In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024.
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