Are my parents required to pay tax on an $80,000.00 gift to me that will go towards a down payment on a home?

[r_and_c]

The amount is over the annual limit, but we're confused with how the lifetime limit comes into play...

[Critter-3]

They will need to file a gift tax return however unless they have given MILLIONS of dollars already as gifts no tax will be owed. 

[Critter-3]

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

[Hal_Al]

"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.  For 2018, 2019, 2020 and 2021, the annual exclusion is $15,000.  For 2022 it’s $16,000.

In your parents case, the exclusion is $32,000 because they are a couple (2 people) and each gets a $16K exemption.  If you are married, the exclusion could be $64K, as your spouse could be considered a separate recipient. 

More detail: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...  

  https://www.thebalance.com/what-gifts-are-not-subject-to-the-gift-tax-3505684