Rene Vallie

Tax Free Gift Limit 2024. 1 for 2024, the limit has been adjusted for inflation and will rise to $18,000. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024.

Together, you could give 5 times the combined total of $36,000 for 2024, or $180,000, to each of your children or grandchildren without touching your lifetime federal gift. The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient.