Is there a deadline for 2024 gift tax avoidance?

[taxamedmed]

If I wanted to give to a child a cash gift of say $35k (whatever the max for a couple to give) for 2024, would I need to transfer the funds into their account before January 1, 2025? Or do I have until say he filing deadline to complete the gifting process for 2024?

[rjs · Accepted solution]

To be considered a 2024 gift, the transfer of the money to the child has to be completed by December 31. But you can give a gift under the gift tax exclusion every year. If you don't make the gift by December 31 you can make it a 2025 gift.

The annual gift tax exclusion for 2024 is $18,000 per person. For 2025 it's $19,000.

[taxamedmed]

Thank you.