Beginning on January 1, 2024, an individual may make gifts in an amount up to $18,000, in total, on an annual basis to any recipient without making a taxable gift, and married couples who elect to gift-split may annually gift a combined $36,000 per recipient without making a taxable gift.
Please bear in mind the annual exclusion is available only for gifts of a “present interest”. That is gifts with no “strings attached”. If there are, then those are considered gifts of a “future interest” and there is no exclusion available.
As always, please call us to schedule an appointment to discuss your tax situation.