Annual Gift Tax Exclusion 2024 Per Person Income. The annual gift tax exclusion is the amount of money that an individual can give to another person each year without incurring any gift tax. 2 you’ll have to report any gifts you give above that amount to the irs on your tax return (using form 709).

One is the annual gift tax exclusion, also known as the gift tax limit, a set dollar amount adjusted yearly for. The annual federal gift tax exclusion allows you to give away up to $17,000 each in 2023 to as many people as you wish without those gifts counting against your $12.92 million.