Difference between revisions of "2006 Regarding Tax Scams Released By Irs"

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Revision as of 13:30, 30 October 2024

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I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to enhance to do such anything. Just like your employer is important to send a W-2 to you every year, a lender is required to send 1099 forms to any or all borrowers who have debt pardoned. That said, just because lenders are hoped for to send 1099s doesn't suggest that you personally automatically will get hit using a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and you just a personal guarantor. I understand that some lenders only send 1099s to the borrower. Effect of the 1099 dealing with your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the capacity to let you know that a 1099 would manifest itself.

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