It is considered a gift. There is no income tax ramifications of making a gift. Gifts are not taxable or reportable by the recipient, or deductible by the giver.
If you gave more than the gift tax exemption, you would be required to file a gift tax return. "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.
See
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
But since the estate tax laws are subject to change and you have a long time to go, it would probably be worth your effort spreading the gifts out and avoiding filing the gift tax returns. At $28,000 per year ($14,00 for each parent), you could pay back $50K in two years. You can give them $14K each now and $14K each in January and not be required to file a gift tax return.
