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The Gift Tax Made Simple

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 2:14 AM
OVERVIEW

If you make large enough gifts to relatives or friends, you might owe the federal gift tax. Here are the basics on how the gift tax works.

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Key Takeaways

  • Givers, not receivers, pay the federal gift tax, but you can give away up to $13.61 million in cash or other assets during your lifetime (tax year 2024) without triggering the gift tax.
  • If you’re married, your spouse is entitled to give another $13.61 million (tax year 2024) in lifetime gifts without incurring a gift tax.
  • You can give up to $18,000 (tax year 2024) per person per year to as many people as you like without those gifts counting against your $13.61 million lifetime gift tax exemption.
  • Gifts to IRS-approved charities, to your spouse (assuming they are a US citizen), to pay another person’s medical expenses, and to cover another person’s tuition expenses are all exempt from the gift tax and from the annual limit.

What is the gift tax?

The gift tax is a federal tax that the IRS imposes on people that gift property. The gift tax is applicable when you receive nothing in exchange, or receive compensation that’s less than the property's full value. 

This can include, but isn’t limited to:

  • cash
  • real estate
  • art
  • interest-free loans
  • vehicles

Note that whether or not you intend for the property to be a gift, the gift tax applies if you don’t receive full compensation for the property that’s been given.

Which gifts are exempt from the federal gift tax?

The following types of gifts are some examples of gifts that are exempt from the federal gift tax.  You can make unlimited gifts in these categories without any gift tax or estate tax consequences and without having to file gift tax returns:

  • gifts to IRS-approved charities
  • gifts to your spouse (assuming they are a US citizen)
  • gifts covering another person’s medical expenses, as long as you make the payments directly to medical service providers
  • gifts covering another person’s tuition expenses, as long as you make payments directly to the educational institution. Payments for room and board, books, and supplies don’t qualify for this exception, but you can cover those costs by making a direct gift to the student under the annual exclusion.

How much is the gift tax?

The gift tax rate only applies to gift amounts exceeding the lifetime exclusion limit, which is $13.61 million for the 2024 tax year.

The IRS gift tax rate is a marginal rate, meaning the rate increases as the total amount you’ve gifted for the year increases. This is similar to how income tax rates work.

The gift tax is applied based on brackets. For example, $0 to $10,000 over the lifetime exclusion limit is taxed at the lowest gift tax rate, while each incremental bracket is taxed at a higher and higher tax rate.

The gift tax rate currently ranges up to 40%, with anything gifted over the lifetime exclusion limit being taxed at 40%.

Who pays the gift tax?

The gift tax only kicks in after lifetime gifts exceed $13.61 million in 2024.

The first thing to know about the federal gift tax is that gift givers—not gift recipients—have to pay it. Thankfully, you won’t owe the tax until you’ve given away more than your lifetime limit plus the annual limit in cash or other assets during your lifetime.

  • The lifetime exclusion was raised to $13.61 million in 2024.
  • If you’re married, your spouse is entitled to a separate $13.61 million in 2024.

So, actually owing the gift tax isn't a concern for most folks. But you may still have to file gift tax returns even though you don’t owe any taxes.

How much can you give tax free?

The annual gift tax exclusion provides additional shelter.

The annual federal gift tax exclusion allows you to give away up to $18,000 each in 2024 to as many people as you wish without those gifts counting against your $13.61 million lifetime exemption. (After 2024, the $18,000 exclusion may be increased for inflation.)

Say you give two favored relatives $21,000 each in 2024 and give another relative $10,000. The $21,000 gifts are called taxable gifts because they exceed the $18,000 annual exclusion. But you won’t actually owe any gift tax unless you’ve exhausted your lifetime exemption amount.

  • Assuming you haven’t, the two taxable gifts simply reduce your lifetime exemption by $3,000 for each gift or $6,000 total for the two gifts.
    • ($21,000 - $18,000) x 2 = $6,000
  • The other gift of $10,000 is ignored because it’s below the $18,000 annual exclusion for 2024.

If you give three individuals $18,000 each in 2024, these gifts are ignored because no single gift exceeds the annual exclusion.

How does gift tax relate to estate tax?

You have a $13.61 million federal estate tax exemption for 2024. You can leave up to that amount to relatives or friends free of any federal estate tax. If you’re married, your spouse is entitled to a separate $13.61 million exemption.

Gifts made during your lifetime can reduce your taxable estate by moving assets out of your ownership and therefore out of your estate. However, gifts in excess of the annual exclusion also reduce your estate tax exemption.

  • In the earlier examples, the two $21,000 taxable gifts made in 2024 would reduce your estate tax exemption by $6,000 to $13,604,000 ($13,610,000 - $6,000).
  • The separate $10,000 gift in 2024 and the three $18,000 gifts in 2024 wouldn't reduce your estate tax exemption.

Bottom line: Making annual gifts up to the annual exclusion is a good way to reduce your taxable estate without any negative side effects.

TurboTax Tip:

You and your spouse (if you’re married) can each contribute up to $18,000 per year to a 529 college savings plan for a future student without decreasing your lifetime gift tax exemption. You can even make a lump-sum contribution in a single year and treat it as though it was made over five years for gift tax purposes, thanks to a special IRS rule.

Are 529 contributions subject to gift tax?

Contributions to a 529 college savings plan are gifts to the future student. However, a special rule allows you to make a lump-sum contribution in a single year and treat it as though it was made over five years for gift tax purposes.

For example, you can contribute $90,000 (5 years x $18,000) in 2024 to jump-start a 529 college savings account for your child. If you’re married, your spouse can do the same.

  • You can spread the gift over 2024-2027 without incurring any gift tax and without reducing your $13.61 million lifetime gift tax exemption or your $13.61 million estate tax exemption.
  • Your spouse can spread their $90,000 gift over five years as well.

The only caveat: You can’t make any additional gifts to the same recipient during those years without using part of your $13.61 million exemption.

Do you need to file a gift tax return?

If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: US Gift (and Generation-Skipping Transfer) Tax Return.

  • The return is required even if you don’t actually owe any gift tax due to the $13.61 million lifetime exemption.
  • The return is due by the tax filing deadline, typically April 15, 2025, of the year after you make the gift—the same deadline as Form 1040.
  • If you extend your Form 1040 tax return filing to October 15, the extended due date also applies to your gift tax return.

If you’re married, you can’t file a joint gift tax return. Each spouse needs to file a separate return if they make any taxable gifts. You can, however, choose to “split” gifts with your spouse. Making a split gift allows you to take advantage of your annual gift tax exclusion plus your spouse’s exclusion for a gift that is made entirely by you.

For example, say you gave $36,000 to your child in 2024. By treating it as a split gift, you can completely shelter the gift with your $18,000 exclusion plus your spouse’s $18,000 exclusion.

  • That way, no gift tax is due.
  • The gift doesn't reduce the $13.61 million lifetime gift tax exemption in effect for 2024 or the estate tax exemption for you or your spouse.

If you choose to make a split gift, you need to file Form 709, and your spouse must consent to the arrangement.

A bigger story

This article only covers the basics of federal gift taxes. For more information, see IRS Publication 950: Introduction to Estate and Gift Taxes. Also see the instructions for Form 709.

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  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2023 TurboTax products.

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  • 1099-Ks: Those filing in TurboTax Free Edition, TurboTax Live Assisted Basic or TurboTax Live Full Service Basic will be able to file a limited IRS Schedule 1 if they have hobby income or personal property rental income reported on a Form 1099-K, and/or a limited IRS Schedule D if they have personal item sales with no gain reported on Form 1099-K. Those filing in TurboTax Deluxe, TurboTax Live Assisted Deluxe or TurboTax Live Full Service Deluxe will be able to file a limited IRS Schedule D if they have personal item sales income reported on Form 1099-K. If you add other schedules or forms, or need to report other types of income on Schedules 1, D, E, F, or Form 4835 you may be required to upgrade to another TurboTax product.

  • 1099-K Snap and Autofill: Available in mobile app and mobile web only.

  • 1099-NEC Snap and Autofill: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). Available in mobile app only. Feature available within Schedule C tax form for TurboTax filers with 1099-NEC income.

  • Year-Round Tax Estimator: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). This product feature is only available after you finish and file in a self-employed TurboTax product.

  • Refer a Friend: Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (Intuit's own experts): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (TurboTax Verified Pro): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received. Each taxpayer's refund will vary based on their tax situation.

  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV, and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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