Thank you for your answer, And yes i am filling as an itemize deductions. However, Do i have to notify IRS about this transaction.And do i have to give any kind of Form to my parents for their tax return filling because they do not have any other income in 2018.

Go to IRS.gov and download Publication 503. It will give you all of the details about claiming child care expenses.  You will have to provide their SS# so I think the answer is yes.  I'm not quite sure about whether you need to provide a form to your parents. The only form I can think of would be a 1099-misc. However, I think all they really need to do is file a Schedule C and show the income as a childcare provider. They can also deduct any expenses associated with providing the care. They will be subject to self employment tax if the income is over $600. A good resource is also Publication 17. Hope this is helpful.