You have to let the IRS know about large gifts, but tax consequences aren't a concern for most families.

WASHINGTON, DC - OCTOBER 07: United States Supreme Court Associate Justice Clarence Thomas poses for an official portrait at the East Conference Room of the Supreme Court building on October 7, 2022 ...

Most taxpayers, from individuals to married couples, are unfamiliar with the concept of the gift tax. The government assesses this tax on certain transfers of money or other assets from one person to ...

That’s because it exceeds the annual federal gift tax exclusion of $18,000 in 2024. With the 2024 annual gift tax exclusion, you can give up to $18,000 to any number of individuals without having ...

For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the federal ...

Many people give a gift of money to celebrate an occasion or milestone for a loved one without contemplating taxes. And in most cases, you don’t have to worry about it because of the annual tax-free ...

The sky did not fall after all. For all the handwringing and prognostication, wealthy families (and their advisors) breathed a sigh of relief with the passage of the One Big Beautiful Bill Act (OBBBA) ...

You don’t always have to pay taxes when you’re giving a gift to your friends or family. Learn more about the gift tax exemption and its limitations.

The Internal Revenue Service has announced a higher estate and gift tax exemption for 2025. The "basic exclusion amount" rises to $13.99 million per person in 2025, up from $13.61 million in 2024, the ...