Gift Tax Exclusion 2024. On november 9, 2023, the irs announced an increased exclusion for all three which will become effective on january 1, 2024. Effective january 1, 2024, new federal estate and gift tax exclusion rates are now in place.

This means that a parent may gift $18,000 per child (or any other donee) without being required to report the gifts on a gift tax return (form 709) and without using up any of. The irs has specific rules about the taxation of gifts.