Reported over 1 year ago
In 2024, an individual can give up to $18,000 annually to each recipient without reporting it to the IRS. Furthermore, there is a lifetime exclusion of $13.61 million for tax-free gifts. For example, in 2024, one could theoretically give a son and his wife up to a total of $13.646 million without incurring taxes. Gift tax laws can be complex, so consulting with a financial advisor is recommended to strategize effectively.
Source: YAHOO