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Latest revision as of 07:07, 1 November 2024

The old adage is crime doesn't pay, only one certainly can wonder sometimes about the truth of it given how many of politicians that frequently be counterfeiters! Regardless, the fact an individual making money from against the law doesn't mean you wouldn't have to pay taxes. Correct. The IRS wants its unfair share of your ill gotten gains!

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I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is actually able to do such an issue. Just like your employer is important to send a W-2 to you every year, a lender is vital to send 1099 forms for all borrowers that debt pardoned. That said, just because lenders needed to send 1099s doesn't suggest that you personally automatically will get hit using a huge goverment tax bill. Why? In most cases, the borrower is really a corporate entity, and are generally just an individual guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 pertaining to your personal situation will vary depending exactly 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.

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