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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.
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
"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
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