Irs Tax Free Gift Limit 2024. These gifts can include cash as well as other types of property. One way to lower potential future tax burdens is to give some of your money away, particularly to children or other family members.

If you’re 50 or over, you can contribute an additional $7,500, for a total of. One way to lower potential future tax burdens is to give some of your money away, particularly to children or other family members.