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!