Is there a cash limit on RECEIVING from multiple givers?

[Edgemont1]

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!

[xmasbaby0]

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

[Edgemont1]

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!

[xmasbaby0]

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.

[Edgemont1]

THANK YOU!!!!

(Sorry not trying to be a pain, but you are the first person to answer the question about a donee receiving multiple amounts of the annual giving limit.)

THANKS AGAIN SO MUCH!