Dealing With Tax Problems: Easy As Pie: Difference between revisions

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Revision as of 03:19, 6 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) is able to do such anything. Just like your employer ought to be required to send a W-2 to you every year, a lender is vital to send 1099 forms everybody borrowers who have debt forgiven. That said, just because lenders must be present to send 1099s doesn't imply that you personally automatically will get hit by using a huge tax bill. Why? In most cases, the borrower is often a corporate entity, and you are just an individual guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 in the personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be given the option to let you know that a 1099 would manifest itself.

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