The IRS increased the gift exclusion and estate and gift tax exemptions for 2024. Beginning January 1, 2024, an individual may gift up to $18,000 per year, per donee without needing to report that gift to the IRS. This exclusion is a $1,000 increase from 2023.
The unified estate and gift tax exemption also increased to $13,610,000 per person, or $27,220,000 per married couple, in 2024.