2024 Gift Amount. 2 you’ll have to report any gifts you give above that amount to the. Here's how the gift tax works, along with current rates and exemption amounts.
Payments to 529 state tuition plans are gifts, so you can exclude up. This credit eliminates federal gift tax liability on the first taxable gifts made in one’s lifetime, up to the $13,610,000 exemption amount in 2024.