I've been trying in vain to find an answer to this because all that is ever discussed (including at the IRS) if the $18,000 2024 limit on GIVING to a person.
I need to know the limits for being taxed on RECEIVING cash gifts
I need to know if I have two different unrelated people who want to give me $18,000 each (so I would actually get $36,000) do I pay tax on that gift?
Or is there no limit as to how much I could receive annually as a gift as long as each person didn't go over THEIR $18,000 limit, and until I reach the total lifetime allowable amount (I think its $1million).
Thank you!
Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.
If your gift exceeds the yearly limit ($17,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax. In 2024 that yearly limit will increase to $18,000.
TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.
Here is a link to the form:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
Thanks but everyone keeps saying the same answer and directly to my question:
If 10 separate people want to each give me $18,000 limit - so I would actually receive a total of $180,000 in cash gifts for the year, do I owe tax on that?
I know they each have a giving limit, I am trying to discern if there is an annual RECEIVING limit.
Thanks!
And you have been answered twice. You do not report a gift on you received on your own tax return. NO, there is not a limit on how many gifts you can receive.