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Revision as of 20:30, 5 May 2026

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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 what. Just like your employer it will take to send a W-2 to you every year, a lender is needs to send 1099 forms each borrowers possess debt understood. That said, just because lenders need to send 1099s doesn't mean that you personally automatically will get hit using a huge 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. Effect of the 1099 to your personal situation will vary depending on 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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