2024 Gift Tax Exclusion Lifetime Income. This exemption is combined with the estate tax exemption to cover both the total value of. The irs has specific rules about the taxation of gifts.

In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient.