Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Latest revision as of 22:00, 31 January 2025

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I've had clients ask me to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to enhance to do such anything. Just like your employer is required to send a W-2 to you every year, a lender is instructed to send 1099 forms to any or all borrowers who've debt understood. That said, just because lenders are anticipated to send 1099s does not imply that you personally automatically will get hit having a huge tax bill. Why? In most cases, the borrower can be a corporate entity, and an individual might be just a personal guarantor. I understand that some lenders only send 1099s to the borrower. Effect of the 1099 pertaining to your personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will possess the ability to to let you know that a 1099 would manifest itself.

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