Difference between revisions of "How Does Tax Relief Work"

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Revision as of 09:27, 15 May 2026


Note: Mcdougal is not really CPA or tax commercial. This article is for general information purposes, and might not be construed as tax good advice. Readers are strongly inspired to consult their tax professional regarding their personal tax situation.

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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) to enhance to do such one thing. Just like your employer ought to be required to send a W-2 to you every year, a lender is needs to send 1099 forms each borrowers who have debt pardoned. That said, just because lenders will need to send 1099s doesn't imply that you personally automatically will get hit using a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and the just an individual 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 kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be able to let you know that a 1099 would manifest itself.

Copyright 2010 by RioneX IP Group LLC. All rights set-aside. This material may be freely copied and distributed subject to inclusion of this copyright notice, author information and all of the hyperlinks are kept complete.

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