Annual Gift Limit 2024. The internal revenue code imposes a gift tax on property or cash you give to any one person, but only if the value of the gift exceeds a certain threshold called the. The 2024 gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year from $17,000 last year.

The exclusion limit for 2023 was $17,000 for gifts to individuals; 1 for 2024, the limit has been adjusted for inflation and will rise to $18,000.