Annual Tax Free Gift Allowance 2024 . For 2024, the annual gift tax exclusion is $18,000,. The gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year, up from $17,000 in 2023.
The current tax year’s exemption is used first before bringing forward the previous year’s unused allowance. 11 rows the income tax act states that gifts whose value exceeds.
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