2025 Gift Tax Limit For Children
2025 Gift Tax Limit For Children. The gift tax limit for 2024 was $18,000. In a significant update for estate planning and wealth management, the internal revenue service (irs) has announced an increase in the estate and gift tax exemption for 2025.
The federal estate tax applies to the transfer of property at death. The gift tax exclusion amount renews annually, so an individual who gifted $18,000 to someone in 2024 may gift $19,000 to that same person in 2025, without any.