2024 Gift Tax Exclusion Per Person. As announced by the irs, the key 2024 federal transfer tax exemption amounts per taxpayer are as follows: 1 for 2024, the limit has been adjusted for inflation and will rise to $18,000.

In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. The act, which included some of the biggest changes to tax law in decades, doubled the lifetime gift and estate tax exemption.