A Standing For Taxes - Part 1: Difference between revisions

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Filing an tax return is an action that rolls around once a year so keeping at the requirements and guidelines is key to a successful season. If you are just getting started or in the midst of the process here are 10 things you should know about property taxes.

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I've had clients ask me attempt and to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) has the ability to do such a thing. Just like your employer is required to send a W-2 to you every year, a lender is necessary send 1099 forms to every borrowers that debt pardoned. That said, just because lenders are anticipated to send 1099s does not mean 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 the just an individual guarantor. I am aware that some lenders only send 1099s to the borrower. The impact of the 1099 dealing with your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will able to to let you know that a 1099 would manifest itself.

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