Gifts received are not taxable. You do not report them on your tax return.
Your finance's parents can each gift each of you $14,000, that's a total of $56,000, without having to file a gift tax return (Form 709).
If the gifts are over $14,000 by a donor to a donee, the donor has to file a gift tax return. Donors would rarely have to actually pay gift tax, as each donor has a lifetime exclusion of $5.45 million.
Please read this TurboTax article for more information:
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
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