2024 Gift Tax Limit Irs. In november 2023, the irs announced the revised federal estate tax and gift tax limits for 2024. As of january 2022, the annual gift tax exclusion was set at $15,000 per recipient.

The gift tax limit for 2024 is now $18,000, up from $17,000 in 2023. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.