Your parents can write a check of $14,000 for each of you and not have to bother with filing Form 709 for the gift tax. Actually, each parent could give a $14,000 gift to each of you and not need to file.
Even if they want to write one large check in excess of $14,000 they wouldn't need to actually pay any taxes unless they exceeded the $5.49 million federal estate exemption along the way. Filing the 709 gift tax form is a way of keeping track of the reduction in the estate tax exemption.
