Irs Gift Tax Rules 2024. The irs recently announced that the annual gift tax exclusion for tax year 2024 will increase to $18,000 for individuals and $36,000 for married couples filing jointly. There's no limit on the number of individual gifts.
In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from. The gift tax is a federal tax on transfers of money or property to other people who are getting nothing or less than full value in return.