I owe a family member money loaned over a long period of time that began with a promissory note for $14,000 and then subsequent loans since. Can a 1099-A be used to pay back those loans?
0
2 Answers
0
Best Answer
Mother
2
Comments
I am going to say, No. Why? because YOU technically would have some acess to that money. (your Mother would give you some or all of that money.) 1099A money is designed to BUY THINGS for your pleasure and comfort. And pay your bills, Not get you cash. This process is not about getting cash, as Chris Hauser has stated several times in his videos :)
The money would be used to pay the bill that I owe my mother for the money she loaned me which I have been paying back. How is this not paying a bill? I have no desire or need to borrow the money back from her nor would she loan me any more $. It would be used to resolve a debt.