The IRS has announced the 2024 Gift Tax Exemption, which has increased to $17,000 per recipient.

This adjustment allows individuals to gift more without incurring tax liabilities, making it easier to support loved ones.

🎁 It's crucial to understand that this exemption applies to gifts given within a calendar year, and any amount exceeding this threshold will require filing a gift tax return.

For couples, the combined exemption can reach $34,000, enabling them to maximize their generosity.

As always, keeping thorough records of gifts is essential for future tax planning.

📊 Stay informed about these changes to effectively manage your estate and gifting strategy. - https://auditandfinance.net/blog/gift-tax-exemption-2024/?unique_id_7qa4kd3h

Navigating the 2024 Gift Tax Exemption: Key Insights for Savvy Taxpayers