Gift Tax 2024 Rate On Property.  — the gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. If you eventually exhaust your lifetime exclusion and must pay gift taxes, the rate you’ll pay depends on the value of gifts subject to taxes.

Gifts given 3 to 7 years before your death are taxed on a sliding scale known as ‘taper relief’.  — the lifetime gift exemption is $12.92 million for tax year 2023 and $13.61 million for tax year 2024.