History From The Federal Income Tax: Difference between revisions

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Latest revision as of 12:08, 16 September 2026


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That said, just because lenders needed to send 1099s does not imply that you personally automatically will get hit along with a huge goverment tax bill. Why? In most cases, the borrower is a corporate entity, and are generally just a personal guarantor. I realize that some lenders only send 1099s to the borrower. The impact of the 1099 in your own 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 let you know that a 1099 would manifest itself.

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