Gift Tax 2024 Irs

Gift Tax 2024 Irs. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; 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.

Here’s how the gift tax works, along with current rates and exemption amounts. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.