Cash Gift Tax Limit 2024. Income tax regulations also dictate the limit on cash gifts that can be given without incurring taxation. There is no limit to which a person can give a gift to another person.
1 for 2024, the limit has been adjusted for inflation and will rise to $18,000. The internal revenue service (irs) sets certain thresholds to help regulate gifting.
This Means That During 2023, You Could Give Up To $17,000 To Any Number Of.
However, there is a limit of.
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The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient.
The Internal Revenue Service (Irs) Sets Certain Thresholds To Help Regulate Gifting.
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2024 Gift Tax Exemption Limit:
As of 2024, the annual gift tax exclusion limit is $18,000 per recipient.