On the individual return for your parents the cost basis will be what they paid for the house and the selling price will be $150 as you noted. The gift of equity can be listed as a sales expense. All other items on the settlement statement will be used on each return, such as prorated real estate taxes, and mortgage interest.
You as the buyer may have points, if so you can deduct those in the year of purchase as well.
Since the gift of equity is $30,000 ($15,000 for one individual or $30,000 if gift-splitting is involved) a gift tax return may need to be filed for the parents. This answer must be determined by consulting someone who specializes in gift tax returns.
They will not owe a gift tax unless your lifetime giving exceeds $$11.58 million. However, if your gift to an individual during the the year exceeds $15,000 (unless gift splitting is involved) you have to report the gift by filing a gift tax return, Form 709
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