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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 able to do such an issue. Just like your employer is required to send a W-2 to you every year, a lender is were required to send 1099 forms to every borrowers who've debt forgiven. That said, just because lenders are required to send 1099s doesn't suggest that you personally automatically will get hit using a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and are generally just an individual guarantor.

I understand that some lenders only send 1099s to the borrower. The impact of the 1099 on your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will able to to let you know that a 1099 would manifest itself. Get a tax pro on you side. Observing save a lot money inside long-term. Money that several to invest a savings plan rrn your own wealth creation purposes.