Irs Tax Free Gift Limit 2024. For 2024, the annual gift tax limit is $18,000. The gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year, up from $17,000 in 2023.

This means you can hand out $18,000 to your cousin,. Any payout is also protected from estate taxes, even if the insured’s estate and death benefit exceed the exemption.