How Much Can I Gift – Tax Free

As of 2024, the IRS allows an individual to gift up to $17,000 per recipient per year without incurring gift tax or having to file a gift tax return. This is known as the annual gift tax exclusion. The amount is doubled for married couples who can gift up to $34,000 per recipient per year without incurring gift tax, provided they both agree to split the gift.

Additionally, the IRS provides a lifetime gift and estate tax exemption, which is the total amount a person can give over their lifetime without paying gift tax. For 2024, this exemption amount is $13.44 million per individual.

Any gifts exceeding the annual exclusion amount must be reported on IRS Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return, but tax is only due if the total lifetime gifts exceed the lifetime exemption amount.

These figures are subject to change annually due to inflation adjustments. It’s advisable to consult with a tax professional or refer to the IRS for the most current information and guidance specific to individual circumstances.

For further details, you can refer to the IRS website on gift taxes.