Irs Business Gift Limits 2024. The irs has announced increases in tax exemptions, qualified charitable distribution (qcd) gift limits, and standard deductions for 2024. If you give business gifts in the course of your trade or business, you can deduct all or part of the costs subject to the following limitations:
Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024.