<prompt> Human: HELP!family member just paid off my car for me to help my financially struggling family.I make around 600.00 dollars a week and have bad credit.How do I file this with the IRS?How is my credit going to be affected?This is the first time Ive had a break in awhile and Im trying to buy a home next year.No money in savingsThree DependentsAdvice please and thxAssistant: The gift giver may have to pay taxes on the amount over 14000. Your credit report will show a closed paid off account. You do not have to file anything with the IRS. Human: Does your credit score greatly improve after paying off a loan after 6 months of the amount?  <response>: No 