Tax Free Gift Limit 2025. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts โ up to $13.61 million per person in 2024. Ey has released a press release urging the government to announce certain measures in budget 2025 to boost consumption and.
This amount is the maximum you can give a single person without having to report it to the irs. The faqs on this page provide details on how tax reform affects estate and gift tax.