Gift Tax 2024 Exclusion From Income Tax. 11 rows  —  — the income tax act states that gifts whose value exceeds. In 2024, it is $18,000 per recipient, an increase from the 2023 limit of $17,000.

It would also set a cap on the amount a person.  — if you give someone a gift or gifts of money or property and the value exceeds the annual gift exclusion amount, you will generally owe gift taxes.