How Much Can You Gift Tax Free 2024 In Wi. In 2024, the irs allows you to gift up to $18,000 per person per year without having to pay any gift tax or report it. Any amount beyond that will involve using part of your lifetime federal gift tax exclusion, which is.

When you die, you can leave up to $12.92 million (less any amounts previously given in excess of. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.