So my wife and I are purchasing a home. Each of our parents have provided an amount over 13,000 to help us with out down payment. We have provided a gift letter to the bank that is required when receiving money from family. The loan officer, financial advisor, nor attorney never mentioned anything regarding tax penalties that may incur to either our parents or us.

Should we be worried about this? What is the rule regarding monetary gifts for this purpose?

Thank you in advance for your help!