Family Loan

Family LoanFamily Loan
NahouseOVarl asked 4 years ago

Sorry if posting in the wrong section!

 

I am kind of confused about this. I am going to borrow a substatial amount of money from a family member to pay off my credit cards. 

How does that work? Do they just give me the money and that’s it? I pay them back and forget about it? Or are the taxes or % involved? 

Its more than 10K so as far as I understand the bank has to report it.

 

Very confused so if someone could explain, I would really appreciate. I don’t understand how exchanging money between family members is any business of the IRS. I guess i come from a different part of the world where people are not **bleep** by the tax man!

 

 

Thank you!

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