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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) to enhance to do such a product. Just like your employer is required to send a W-2 to you every year, a lender is required to send 1099 forms for all borrowers possess debt forgiven. That said, just because lenders will need to send 1099s doesn't mean 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 you are just an individual guarantor. I understand that some lenders only send 1099s to the borrower. Effect of the 1099 on personal situation will vary depending precisely what transfer pricing kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the capacity to let you know that a 1099 would manifest itself.
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