Gift Tax 2024 Calculator Irs. If you give people a lot of money, you might have to pay a federal gift tax. The gift tax is applicable when you receive nothing in exchange, or receive compensation that’s less than the property's full.
But exceeding the limit doesn’t necessarily result in owing tax,. But the irs also allows you to give up to $17,000 in 2023 and $18,000 in 2024 to any.