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Revision as of 13:40, 11 September 2026
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Just like your employer is to send a W-2 to you every year, a lender is needs to send 1099 forms to every borrowers that debt pardoned. That said, just because lenders needed to send 1099s doesn't imply that you personally automatically will get hit with a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and you might be just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 to your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc).
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