Tax-free gifting strategies: Start here The annual gift tax exclusion For 2025, the Internal Revenue Service (IRS) allows individuals to make gifts of up to $19,000 per year to an unlimited number of individuals, with no federal gift or estate tax consequences. A spouse can give the same...
you have to report it on a gift tax return (IRS Form 709). Spouses splitting gifts must always file Form 709, even when no taxable gift is incurred. If you give more than this annual gift tax exclusion in any given year, you begin to eat into yourlifetimegift and estate tax exemption...
This exclusion does not apply to Loss resulting from an Insured Person's bacterial infection caused by an Accident or from Accidental consumption of a substance contaminated by bacteria • Suicide, attempted suicide, or intentionally self-inflicted injuries • Declared or undeclared war, but ...
The 2024 lifetime gift limit is $13.61 million. Because the exemption is per person, married couples can exclude double that — $27.22 million — in lifetime gifts. The IRS indexes this limit each year for inflation. For 2025, the lifetime gift tax exclusion rises to $13.99 million, up...
The IRS indexes this limit each year for inflation. For 2025, the lifetime gift tax exemption is $13.99 million, up $380,000 from 2024. The limit for married couples filing jointly is $27.98 million for 2025. However, in 2026, the exclusion amount will revert back to its pre-2018 lev...
For those considering gifting money or property to another person, gift tax can come into play. See 2024 and 2025 exclusion amounts and rates.