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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) has the ability to do such a product. Just like your employer is important to send a W-2 to you every year, a lender is instructed to send 1099 forms each borrowers who've debt pardoned. That said, just because lenders need to send 1099s does not that you personally automatically will get hit using a huge government tax bill.
Why? In most cases, the borrower is often a corporate entity, and you just a personal guarantor. I realize that some lenders only send 1099s to the borrower. Effect of the 1099 on personal situation will vary depending on kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the option to explain how a 1099 would manifest itself. Debt forgiveness, you see, is treated as taxable income. Why? Within a nutshell, community gives you money and you will not pay it back, it's taxable.
Just like you have spend taxes on wages from job. Aspect of the reason your debt forgiveness is taxable is mainly because otherwise, end up being create a huge loophole associated with tax laws. In theory, your boss could "lend" serious cash every 2 weeks, and the end of 2010 they could forgive it and none of it would be taxable. The auditor going through your books doesn't invariably want to be able to a problem, but he's to find a problem. It's his job, and he's to justify it, along with the time he takes to make it work.
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