Moceri Minute
The annual gift tax exclusion increases to $18,000 per donee for 2024. You can give up to $18,000 to each person without paying a gift tax, tapping your lifetime estate and gift tax exemption, or filing a gift tax return. Your spouse can also gift $18,000. Annual gifts over $18,000 will require a gift tax return for 2024.
Keep track of any gifts made, if you have any questions, please feel free to contact us to discuss this matter further.