Gift Money Limit 2024. No, but your mother may be required to report this transaction to the irs as a taxable gift. Under the definition provided by the income tax act, a “gift” can be in the form of money and movable/immovable property that an individual receives from another individual or organization without.

Gift and estate taxes apply to transfers of money, property and other assets. For married couples, the limit is $18,000 each, for a total of $36,000.