Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 19:08, 10 November 2024

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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) to enhance to do such to become a thing. Just like your employer is needed to send a W-2 to you every year, a lender is instructed to send 1099 forms for all borrowers possess debt pardoned. That said, just because lenders need to send 1099s does not imply that you personally automatically will get hit using a huge goverment tax bill. Why? In most cases, the borrower is often a corporate entity, and are generally just an individual guarantor. I realize 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 capable of to explain how a 1099 would manifest itself.

Hopefully these few suggestions provide a capable start into which tax filling software programs really use. Understand that filing your taxes early and being aware of your eligible deductions may be the best strategy to pay less on your income tax comes home!

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