2024 Gift Tax Exclusion Amount Calculator. This allows individuals to gift up to $18,000 to multiple recipients each year without incurring gift tax. On top of these exemptions, a standard deduction of 50,000 is available in both old and new regimes.

For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts. Knowing the annual gift tax exclusion can save you money and spare you from filing gift tax returns.