The $17,000 is the amount they can give you per person without it counting as part of the $12,920,000 lifetime exclusion.
So even though they will need to file a form 709 to report that they are giving you the gift if it is over $17,000, they would not need to pay taxes on it unless they exceeded the lifetime exclusion amount of $12,920,000 in 2023. This amount does change yearly and is potentially set to drop drastically in 2026, when the current tax laws expire.
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