The current gift tax exclusion is $17,000 per person. If you are married, your spouse may also give $17,000 to the same person, tax free. The 2024 gift tax exclusion is expected to increase to $18,000 in 2024. If you are gifting more than that to any one person, your gift may be taxable. If you are not charging individuals for goods, services or room and board, you may be gifting. If you are feeling exceptionally generous this holiday season, be sure you are keeping track of your gifts and reporting appropriately. If you have questions about gifting and taxes, speak with attorney.
-Emily Helmick Packwood, Esq.