My parents are thinking of gifting me $100,000. Will this amount be taxable? Does it have to be reported to the IRS? How? Form? Both parents and I reside in US and are citizens.

The receiver of a gift does not pay any gift tax or files any gift tax return. The donor can give gifts of up to $13,000 in a year to any number of individuals. If any gift exceeds $13000, the donor must file gift tax return Form 709. There is a life long gift amount exclusion of 1 million. So the donor will not pay any gift tax.
The exclusion amount used is added back to the estate when the donor dies. Your U.S. Tax Return: The U.S. Gift Tax (http://taxipay.blogspot.com/2008/03/us-gift-tax.html)