Gift Tax 2024 Exclusion From Income. But even if you exceed that amount, there are some exceptions, including a lifetime gift tax exclusion, that could prevent you from owing any tax on gifts you make. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax.

For instance, you can give up to the annual exclusion amount ($17,000 in 2023, 18,000 in 2024) to any number of people every year, without facing any gift taxes. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return.