Gift of Equity - do I need to fill out a Gift tax Return?

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OK, my parents house was in foreclosure, so I bought it and got a mortgage on it. After a year and a half, they bought it back from me. Part of my sale to them was a "gift of equity" of about $48,000, so that they could obtain a mortgage. Do I need to report this "gift of equity", and if so how? From what I've read, it appears I need to file a gift tax return, but (since this is my first gift, I'm well under the $2,000,000 lifetime limit) I won't need to pay any tax on this. Am I correct in my understanding of this?