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What Unbelievably does not matter nearly as much as what the internal Revenue Service thinks, as well as the IRS position is crystal clear: Tips are taxable income. I’ve had clients ask me to test to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to improve to do such a product. Just like your employer is usually recommended to send a W-2 to you every year, a lender is necessary send 1099 forms to any or all borrowers who have debt forgiven.

That said, just because lenders are anticipated to send 1099s does not that you personally automatically will get hit by using a huge tax bill. Why? In most cases, the borrower can be a corporate entity, and you are just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. The impact of the 1099 in the personal situation will vary depending on 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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