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Revision as of 21:35, 27 September 2026
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Just like your employer it will take to send a W-2 to you every year, a lender is instructed to send 1099 forms to all or any borrowers in which have debt pardoned. That said, just because lenders will need to send 1099s doesn't imply that you personally automatically will get hit using a huge goverment tax bill. Why? In most cases, the borrower can be a corporate entity, and the just an individual guarantor. I know that some lenders only send 1099s to the borrower. Effect of the 1099 in your own personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc).
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