Gifts For Christmas 2024 Under $50000 In

Gifts For Christmas 2024 Under $50000 In. For the 2024 tax year, a taxpayer could give up to $18,000 per recipient per year without being taxed on the gift (s). And because it’s per person, married couples can exclude double that in lifetime gifts.

The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024. The gift tax is intended to discourage large gifts that could potentially be used to avoid estate taxes.