For calendar year 2024, it's $18,000 per person before you need to file a gift tax return (Form 709).
The lifetime exemption from gift tax for 2024 is $13.61 million.
For the current tax year (2018) you can gift up to $18,000 to an individual without having to report the gift to the IRS. The receiver of the gifts does not report the gift of their tax return regardless of the amount received.
If the gift is over $18,000 to a single individual, the giver of the gift is required to report the gift on IRS Form 709. There will not be any taxes owed on the gift until the total of all gifts ever given is over $13.61 million.
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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