Get the free Form 982 (Rev. September 1998). Reduction of Tax Attributes Due to Discharge of Inde...

Use Part I of Form 982 to indicate why any amount received from the discharge of income. Use Part II to report your reduction of tax attributes. Use Part III to exclude from gross income attributable to the transfer of property described in that section. Rev. 9-98 Page Form 982 Rev. 9-98 Definitions. For details get Pub. 908 Bankruptcy Tax Guide. When To File. File Form 982 with your timely filed Federal income tax return including extensions in ...

How to fill out form 982 rev september

How to fill out form 982 rev september:

1. Begin by obtaining a copy of form 982 rev september from the IRS website or from a tax professional.
2. Familiarize yourself with the instructions provided with the form, as they will guide you through the process of filling it out correctly.
3. Fill in your personal information, such as your name, social security number, and contact information, in the designated sections of the form.
4. Evaluate if you qualify for any exemptions or exclusions that may apply to your specific situation. If so, carefully follow the instructions provided to report these on the form.
5. Calculate and report any discharge of indebtedness income that you may have received during the tax year, ensuring that you accurately include all necessary details.
6. Determine if any of your debts were specifically incurred for a qualified principal residence, and if so, indicate this on the form as it may affect your overall tax liability.
7. Complete any additional sections or attachments that are applicable to your situation, such as reporting bankruptcy-related information or insolvency details, as required by the form.
8. Review the completed form for accuracy, double-checking that all relevant information has been included and that calculations are correct.
9. Sign and date the form before submitting it to the IRS, either through mail or electronically, depending on their specified guidelines.

Who needs form 982 rev september:

1. Individuals who have received a discharge of indebtedness and wish to determine if they qualify for any exceptions or exclusions, should complete form 982 rev september.
2. Taxpayers who have incurred qualified principal residence indebtedness and want to exclude it from their gross income may also need to fill out this form.
3. Individuals who have filed for bankruptcy or can prove insolvency at the time of debt discharge may need to use form 982 rev september for reporting purposes.

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What is form 982 rev september?

Form 982 rev September refers to the revised version of Form 982, which is used to report the reduction or elimination of tax liabilities resulting from the cancellation or forgiveness of debt.

Who is required to file form 982 rev september?

Individuals or businesses who have had their debts canceled, forgiven, or discharged may be required to file Form 982 rev September to exclude the canceled debt from their taxable income.

How to fill out form 982 rev september?

To fill out Form 982 rev September, you need to provide your personal information, details of the canceled debt, and any applicable reduction or exclusion codes. The form instructions provided by the IRS should be followed carefully to ensure accurate completion.

What is the purpose of form 982 rev september?

The purpose of Form 982 rev September is to report the exclusion of canceled debts from taxable income. It allows individuals or businesses to reduce their tax liabilities by excluding canceled debts that would otherwise be considered taxable income.

What information must be reported on form 982 rev september?

Form 982 rev September requires information such as the taxpayer's name, address, and social security number or employer identification number. Additionally, it requires details about the canceled debts, including the amount canceled and any applicable reduction or exclusion codes.