Irs Gift Tax Rules 2024. If the value of your gift exceeds the yearly limit, it might require you to submit a. However, the good news is that while large gifts may require you to file with the irs, very few taxpayers will create a tax liability by exceeding the annual gift threshold.

For 2024, the lifetime gift tax exemption is $13.61 million, up from $12.92 million in 2023. This limit is adjusted each year.