What is the Gift Tax Exclusion for 2024?

Gifting to family, friends, and others? Complying with the annual gift tax exemption can save you time and money.

U.S. money in a gift bag
(Image credit: Getty Images)

Are you considering giving cash or property to loved ones or others in 2024? Being aware of the annual gift tax exclusion can save you money and spare you from filing gift tax returns. 

Here’s what you need to know about how the federal gift tax works and how much you can offer as a one-time gift tax-free this year.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.