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I've had clients ask me to attempt to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) transfer pricing has the strength to do such anything. Just like your employer is needed to send a W-2 to you every year, a lender is were required to send 1099 forms to every borrowers possess debt pardoned. That said, just because lenders are anticipated to send 1099s does not that you personally automatically will get hit along with a huge government tax bill. Why? In most cases, the borrower can be a corporate entity, and an individual might be just an individual guarantor. I know that some lenders only send 1099s to the borrower. The impact of the 1099 to your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be capable of to let you know that a 1099 would manifest itself.

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