What do I need to do if I get money from my mother to payoff my debt?

I have little over $27,000 debt. My mother let me borrow money to payoff these debt. I have 3 accounts and 2 accounts has been sued. My question is


1. Do I have to report to IRS to getting money?


2. Do I get 1099?


Please help!

What do I need to do if I get money from my mother to payoff my debt?
If you have a signed written agreement stating that you will re-pay your mother the money is considered a loan and does not need to be reported to IRS. However, if she gave it to you freely you do have to report it to the IRS and pay income taxes on it.


Quite honestly, I don't think you should be relying on your mother to bail you out of debt. You need to learn to take responsibility for the debt mess you made and deal with it yourself. Get a job or a 2nd job, debt management plan, bankruptcy....whatever it takes to get the debt paid legally. Thanks to your lack of responsibility your mom has less money available for her retirement.
Reply:I'm not 100% sure but I think you can recieve up to $11,000 as a gift.

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