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Latest revision as of 15:55, 16 May 2026


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B) Interest earned, though paid, during a bond year, must be accrued after the bond year and reported as taxable income for that calendar year in the fact that bond year ends.

I've had clients ask me to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is actually able to do such what. Just like your employer is important to send a W-2 to you every year, a lender is vital to send 1099 forms to all or any borrowers which debt understood. That said, just because lenders are anticipated 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 is really a corporate entity, and tend to be just an individual guarantor. I know that some lenders only send 1099s to the borrower. The impact of the 1099 relating to your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the option to explain how a 1099 would manifest itself.

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