A taxpayer can gift anyone up to $14,000 with no reporting requirements. So this means that both Mom and Dad can give a child (or anyone for that matter) $14,000 each with no reporting requirements (total of $28,000 in this example). This holds true for each year and this amount does get indexed for inflation.
Anything over that amount and the donor (Mom and Dad) must file a gift tax return. Just because they file a gift tax return does not mean they owe any gift tax. Each taxpayer has an exemption amount of $5,450,000 (current law) before any gift tax is owed. This is a lifetime exemption and gets indexed as well under current law.
So depending on the amount of the gift, your parents may or may not have any reporting requirements, but there will not be any tax implications.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
