Difference between revisions of "2006 Involving Tax Scams Released By Irs"

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Revision as of 10:18, 28 July 2025


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I've had clients ask me to to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is able to do such a thing. Just like your employer ought to be needed to send a W-2 to you every year, a lender is instructed to send 1099 forms everybody borrowers in which have debt understood. That said, just because lenders will be required to send 1099s doesn't suggest that you personally automatically will get hit along with a huge tax bill. Why? In most cases, the borrower is a corporate entity, and the just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 relating to your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be given the option to let you know that a 1099 would manifest itself.

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You can get done even better than the capital gains rate if, instead of selling, you just do a cash-out re-finance. The proceeds are tax-free! By period you figure in taxes and selling costs, you could come out better by re-financing extra cash in your pocket than if you sold it outright, plus you still own the house and property and in order to benefit from the income on them!

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