Irs Gift Tax Rules 2024
Irs Gift Tax Rules 2024. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from. Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023).
2 you’ll have to report any gifts you give above. Further, finance companies set up in the ifsc will also be exempted from section 94b of the income tax act, popularly referred to as thin capitalisation rules.