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I've had clients ask me to utilize 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 vital to send 1099 forms to any or all borrowers that debt pardoned. That said, just because lenders need to send 1099s doesn't suggest that you personally automatically will get hit with a huge goverment tax bill. Why? In most cases, the borrower is a corporate entity, and an individual might be just an individual guarantor.

I know that some lenders only send 1099s to the borrower. Effect of the 1099 in the personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc).