2024 Gift Tax Amount. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.
It is a transfer tax, not an income tax. The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024.