Cornell Legal Information Institute1
In property law, a gift refers to a voluntary transfer of a benefit without the need for any compensation and consideration. Three elements must be met for a gift to be legally valid:
- Intent to give (the donor’s intent to make a gift to the recipient),
- delivery of the gift to the recipient,
- and acceptance of the gift.
IRS Frequently Asked Questions on Gift Taxes2
How many annual exclusions are available? (updated Oct. 28, 2024)
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $18,000 in 2024, the annual exclusion applies to each gift. The table below shows the annual exclusion amount applicable in the year of the gift.
Annual Exclusion per Donee for Year of Gift
Year of gift Annual exclusion per donee 2011 through 2012 $13,000 2013 through 2017 $14,000 2018 through 2021 $15,000 2022 $16,000 2023 $17,000 2024 $18,000 2025 $19,000