A. No. For 2025, the annual gift tax exclusion is $19,000, so if your mom and dad gave you money or something of value less than $38,000, there is no tax and no reporting requirement. If it is over the annual exclusion amount, your parents would need to file a gift tax return with the IRS, but there are no taxes due. As of now, the lifetime gift exclusion is $13.99 million per person.