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Best answer by Vanessa A

The annual exclusion for 2024 is $18,000. 

2 replies

V
Vanessa AAnswer
April 24, 2024

The annual exclusion for 2024 is $18,000. 

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B
Bsch4477
Employee
April 24, 2024

For 2024, the annual gift tax limit is $18,000. (That's up $1,000 from last year's limit since the gift tax is one of many tax amounts adjusted annually for inflation.) For married couples, the combined 2024 limit is $36,000.

Understand that you can give much more but will then have to file form 709. Since the gift/estate tax is over 12 million dollars you don’t have to worry about paying taxes on the gift. 

M
moscosamykaillAuthor
April 24, 2024

Thanks for your prompt and clever response Vanessa, just to reconfirm if my son doesn't have to pay taxes on the monetary gift he will receive from me? thanks

 

V
Vanessa A
April 24, 2024

No.  He does not have to pay the taxes on a gift.  Even if you transfer him $500,000, he would not pay the taxes, you would if you went over your lifetime exclusion which was $12.92 million in 2023. 

 

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