"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption. For 2018, 2019, 2020 and 2021, the annual exclusion is $15,000. For 2022 it’s $16,000.
In your parents case, the exclusion is $32,000 because they are a couple (2 people) and each gets a $16K exemption. If you are married, the exclusion could be $64K, as your spouse could be considered a separate recipient.
More detail: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
https://www.thebalance.com/what-gifts-are-not-subject-to-the-gift-tax-3505684
