Amount a person can receive in gifts every year

What is the name of your state? Oregon

If my wife and I receive a large sum of money as a gift(over the 24K limit), do we owe any taxes?

The way I undersand it is that the person giving it would owe taxes only if they exceeded the lifetime limit of 1 million dollars (and the accruing of gifts towards that amount happens when they exceed the 12K per year per person limit) and we would owe nothing. Thanks for your advice.What is the name of your state?

You won't owe federal taxes...and the giver won't necessarily owe taxes, but they will have to file to report the gift.