Thank you for joining us, Dabug Taxes!
You asked, how much can you gift to someone.
You can give up to the annual exclusion amount of up to $18,000 in 2024, per person, and to as many people without facing any gift taxes or having to file a gift tax return.
If you give more than $18,000, in 2024 to someone, you do not automatically have to pay a gift tax on the overage. You can give a total of up to $12.92 million in overages throughout your lifetime before you start owing the gift tax. This amount increases to $13.61 million for 2024. However, this annual lifetime limit is set to drop back to the pre-2018 limits, indexed for inflation.
In addition, you should be aware that if you are married, each spouse can give $18,000 per person for a total of $36,000.
For more information on Gifts and Gift Tax, please check out the following articles:
Please feel free to reach backout with any additional questions or concerns you might have!
Have a great rest of your day!
Terri Lynn, EA
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