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
Sometimes your bank will want a letter when the downpayment was a gift---but that is not anything to put on your tax return.
Your parents have to file a gift tax return, Form 709. They will not have to pay any gift tax unless the total of all gifts they have made in their lifetime is more than $12 million, but they have to file the return.
TurboTax cannot be used to file a gift tax return.
The annual 2022 gift exclusion is $16,000 which each person can give to another. So your 2 parents can give you as much as $32,000 without requiring them to file a form 709.
@Bsch4477 wrote:
The annual 2022 gift exclusion is $16,000 which each person can give to another. So your 2 parents can give you as much as $32,000 without requiring them to file a form 709.
That only works if each parent writes a separate check for $16,000 or less. If they make one payment of $25,000 they have to file a Form 709. They can indicate on the Form 709 that they want to "split" the gift, i.e. treat it as being half from each of them, but they still have to file the form.
It's not clear from the original question whether the gift has already been made. The annual gift tax exclusion for 2023 is $17,000.