If the property was in your name, then you would report the Capital Gains on your return from the property sale. Depending on your income, your capital gains may not be taxable.
Here's more info on How Capital Gains are Taxed.
If you chose to 'gift' the funds to your parents, you may need to file a Gift Return also, depending on the amount of the gift.
You won't owe tax, but are reporting to the IRS towards the lifetime limit amount.
@cc0304
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