What is the best way to receive a 4-month $30,000 loan from my parents. Could they each gift me $10k and then loan me the remaining the $10k at prevailing interest rates? Then I just gift them back the $20k and pay back the $10k loan with interest?
Since my parents hold joint accounts on everything, how exactly would the IRS know which parent gave $10? Or is it $20k per couple?