Irs Gift Tax Exclusion 2024. 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. This exemption is combined with the estate tax exemption to cover both the total value of.

Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient. The irs has specific rules about the taxation of gifts.