Gift Tax 2024. Gifts are of three types monetary (like cash), immovable property, and movable property, calculate gift tax on all possible scenarios, learn more. โ the 2024 gift tax limit is $18,000, up from $17,000 in 2023.
Gift tax exemption is also available from gifts received from relatives, which include parents, siblings, lineal descendants, spouse, their siblings, and lineal descendants. For example, a man could give $18,000 to each of his 10 grandchildren this year with no gift tax implications.