My mother leant me and my wife $38,200 in November to help us pay off our high interest credit cards then pay her back monthly. We haven’t started the regular payments yet and I wonder what tax rules, if any apply to our situation for me and my wife and my mother. I don’t want to end up with a surprise audit. Do either of us need to claim the loan money given or received on our taxes? I don’t know how that works.
