Getting Gone Tax Debts In Bankruptcy: Difference between revisions

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Latest revision as of 05:20, 28 August 2024

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I've had clients ask me try to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is able to do such one thing. Just like your employer is to send a W-2 to you every year, a lender is had to send 1099 forms to all borrowers who've debt pardoned. That said, just because lenders needed to send 1099s doesn't suggest that you personally automatically will get hit along with a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and an individual might be just an individual guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 on personal situation will vary depending precisely 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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