1099 and personal guarantee - exception under CFR Title 26, Ch 1, Sub
Posted: Mon Nov 02, 2015 3:09 pm
Tax people, does this really mean what it seems to say? If a guarantor
settles a debt or the lender charges it off, the guarantor does not incur
cancellation of debt income?
(7) Guarantors and sureties. Solely for purposes of the reporting
requirements of this section,
a guarantor is not a debtor. Thus, in the case of guaranteed indebtedness,
reporting under this
section is not required with respect to a guarantor, whether or not there
has been a default and
demand for payment made upon the guarantor.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Tax people, does this really mean what it seems to say?or does not incur cancellation of debt income?(7) Guarantors and sureties. Solely for purposes of the reporting requirements of this section,a guarantor is not a debtor. Thus, in the case of guaranteed indebtedness, reporting under thissection is not required with respect to a guarantor, whether or not there has been a default anddemand for payment made upon the guarantor.Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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