Sena Vivian

2024 Gift Tax Exemption Amount Synonym. 11 rows the parliament of india introduced the gift tax act in 1958, and gift. This amount is the maximum you can give a single person without having to report it to the irs.

This means that you can give up to $16,000 to each person you want to gift to without having to pay any gift tax. The estate and gift exemption amount (currently $12.92 million) will increase to $13.61 million for 2024 ($27.22 million per couple).