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According to the IRS, donors can give up to the annual gift tax exclusion amount to each recipient without incurring gift taxes.
The annual gift tax exclusion is $18,000 per person in 2024. (Couples can give up to $36,000)
*a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts.
This reduces the overall taxed income. See your accountant for details.
The annual gift tax exclusion is $18,000 per person in 2024. (Couples can give up to $36,000)
*a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts.
This reduces the overall taxed income. See your accountant for details.