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Revision as of 17:13, 21 September 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) is actually able to do such a thing. Just like your employer it will take to send a W-2 to you every year, a lender is needed send 1099 forms everybody borrowers who've debt understood. That said, just because lenders are required to send 1099s doesn't mean that you personally automatically will get hit along with a huge government tax bill. Why? In most cases, the borrower is a corporate entity, and tend to be just a personal guarantor. I know 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 have the option to let you know that a 1099 would manifest itself.

I feel this certainly important: when politicians corrupt the people, they remove their power. It is already hard enough for a sincere population to obtain rid of corrupt political figures. It is just about impossible for a corrupt population to manage this step.

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