Lifetime Gift Tax Exclusion 2024 Uk. For example, a man could give $18,000 to each of his 10 grandchildren this year with no gift tax implications. Spouses can elect to “split” gifts, which doubles the annual amount a married couple can give away in any year.
In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. You need not be concerned about taxes on gifts that are equal to or less than the annual exclusion limit.