Gifting Limits 2024 Irs. The irs has specific rules about the taxation of gifts. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. Thankfully, two factors โ the annual gift tax exclusion and the lifetime exclusion โ often help keep the irs out of most people’s.