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Revision as of 21:35, 10 November 2024
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I've had clients ask me to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) has the strength to do such to become a thing. Just like your employer ought to be needed to send a W-2 to you every year, a lender is needed send 1099 forms to all or any borrowers who've debt pardoned. That said, just because lenders are hoped for to send 1099s does not mean that you personally automatically will get hit having a huge goverment tax bill. Why? In most cases, the borrower can be a corporate entity, and tend to be just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 pertaining to your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will possess the ability to to explain how a 1099 would manifest itself.
In our software company there are two approaches to build wealth and much more through intellectual property and maintenance deals. These two things used together will build a good that can be sold for 2-4X business earnings. Now to foster that investment with leverage, I personally use them the "Infinite Banking Concept" to lend money towards business through "my own bank." Now the money the business pays me comes back as investment income which suggests lower taxation. The new revenue extra maintenance contracts bring foster new agreements. The next step in order to use "good debt" to leverage our coverage and buying more maintenance contract revenue with our software basis.
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