A: As of January 1, 2024, the annual gift tax exclusion amount is $18,000 per recipient. This means that you can gift each of your children up to $18,000 this year without incurring any gift tax. If you are married, you and your spouse can each make gifts in the annual exclusion amount of $18,000 for a total of $36,000 in tax-free gifts to each child.
