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Revision as of 23:18, 4 February 2025
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I've had clients ask me to attempt to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is actually 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 necessary send 1099 forms to any or all borrowers who've debt forgiven. That said, just because lenders need to send 1099s does not mean that you personally automatically will get hit with a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and an individual might be just a personal guarantor. I know that some lenders only send 1099s to the borrower. The impact of the 1099 to your personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the capacity to explain how a 1099 would manifest itself.
But there may something telling in shortage of case law within this subject. But of why someone leaves a tip, and whether it really represents payment for services rendered, might be one that the IRS would choose not to endeavor too soundly. The Treasury might might lose countless other than a person big strategy.
