Per IRS guidance (https://www.irs.gov/businesses/gifts-from-foreign-person), gifts from a "foreign person" are generally
excludable from gross income unless they exceed certain limits, in which case
the recipient must file a Form 3520. Here's an excerpt from the above
link stating those requirements:
"You must file Form 3520,
Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain
Foreign Gifts, if, during the current tax year, you treat the receipt of money
or other property above certain amounts as a foreign gift or bequest.
Include on Form 3520:
Gifts or bequests valued at more
than $100,000 from a nonresident alien individual or foreign estate (including
foreign persons related to that nonresident alien individual or foreign
estate);
or
Gifts valued at more than $15,601
for 2015 (adjusted annually for inflation) from foreign corporations or foreign
partnerships (including foreign persons related to the foreign corporations or
foreign partnerships)."
Further,
"A U.S.
person is:
A citizen or resident alien of the United States (see Pub. 519, US Tax Guide
for Aliens, for guidance on determining resident alien status),
A domestic corporation,
Any estate (other than a foreign estate, within the meaning of section
7701(a)(31)(A)),
and any
domestic trust (defined earlier)"
So, in your case, unless your parents gave you more than
$100,000 in 2016 (or are acting on behalf of a foreign corporation), then you do not have to report the income on your tax return.
Here's the IRS link to the form 3520 instructions which discusses this and related matters: https://www.irs.gov/pub/irs-pdf/i3520.pdf
