Gifting Limits 2024 To Children. (that’s up $1,000 from last year’s limit since the gift tax is one of many tax amounts adjusted annually for inflation. 11 rows the income tax act states that gifts whose value exceeds.

Suppose you have three kids. The tax cuts and jobs act delivered a sizable increase in the tax exemption limit for estates and lifetime gifts — up to $13.61 million per person in 2024.