Difference between revisions of "Getting Associated With Tax Debts In Bankruptcy"

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Revision as of 22:43, 31 October 2024

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Contributing a deductible $1,000 will lower the taxable income for this $30,000 each year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 every year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is able to do such what. Just like your employer is to send a W-2 to you every year, a lender is needs to send 1099 forms each borrowers possess debt pardoned. That said, just because lenders must be present to send 1099s doesn't mean that you personally automatically will get hit using a huge government tax bill. Why? In most cases, the borrower is really a corporate entity, and you might be just an individual guarantor. I am aware that some lenders only send 1099s to the borrower. The impact of the 1099 in the personal situation will vary depending on kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be capable of to explain how a 1099 would manifest itself.

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