Gift Tax 2024 Irs. The gift tax is applicable when you receive nothing in exchange, or receive compensation that’s less than the property's full value. The irs typically adjusts this gift tax exclusion each year based on inflation.


Gift Tax 2024 Irs

The gift tax is applicable when you receive nothing in exchange, or receive compensation that’s less than the property’s full value. This adjustment allows individuals to gift up to $18,000 per recipient without triggering any gift tax liability.

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