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This form is used to reduce tax attributes due to the discharge of indebtedness, as per the Internal Revenue Service guidelines.
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How to fill out form 982
How to fill out Form 982
01
Gather necessary financial documents and records.
02
Obtain Form 982 from the IRS website or your tax professional.
03
Read the form instructions carefully before filling it out.
04
Complete Part I to identify the tax liabilities you are discharging.
05
Fill out Part II to indicate the tax years affected by the discharge.
06
Provide information about the debtor's insolvency status in Part III.
07
Review your entries for accuracy and completeness.
08
Sign and date the form.
09
Submit the completed Form 982 with your tax return or as directed.
Who needs Form 982?
01
Individuals or businesses that have had debts discharged.
02
Taxpayers needing to report the reduction of tax attributes.
03
Anyone who has filed for bankruptcy and had debts forgiven.
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People Also Ask about
What IRS forms can cancel your debt?
Form 1099-C. Lenders or creditors are required to issue Form 1099-C, Cancellation of Debt, if they cancel a debt owed to them of $600 or more. Generally, an individual taxpayer must include all canceled amounts (even if less than $600) on the "Other Income" line of Form 1040.
How do I prove insolvency to the IRS?
To do this, you must file Form 982. You can only claim balance-sheet insolvency to the IRS, not cash-flow insolvency.
What 1099 is used for debt forgiveness?
You should receive a Form 1099-C, "Cancellation of Debt," from the lender that forgave the debt.
What is form 982 exemption?
To claim a canceled debt amount should be excluded from gross income, the taxpayer needs to complete IRS Form 982 and attach the completed form to their return. Form 982 notifies the IRS of the amount of canceled debt that should be excluded from the gross income and under which exclusion.
How do I legally cancel my debt?
If you pay off your debt or negotiate an agreement with the debt collector to pay a lesser amount before going to trial, you can settle your case and have it dismissed. But be aware that your case won't be dismissed automatically if you settle. Make sure the Plaintiff dismisses the case.
What is a form 982 for cancellation of debt?
Form 982 is used to determine, under certain circumstances described in section 108, the amount of discharged indebtedness that can be excluded from gross income.
What is an example of discharge of indebtedness?
The discharge of indebtedness, in whole or in part, may result in the realization of income. If, for example, an individual performs services for a creditor, who in consideration thereof cancels the debt, the debtor realizes income in the amount of the debt as compensation for his services.
What is the tax form that can erase your debt legally?
About Form 1099-C, Cancellation of Debt. Internal Revenue Service.
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What is Form 982?
Form 982 is a tax form used by taxpayers to exclude certain income from discharge of indebtedness and to claim a reduction of tax attributes after the cancellation of debt.
Who is required to file Form 982?
Taxpayers who have discharged debt and wish to exclude that income from their taxable income or need to adjust their tax attributes due to debt cancellation are required to file Form 982.
How to fill out Form 982?
To fill out Form 982, provide your personal information, specify the type of income being excluded, indicate the amount of debt canceled, and complete the relevant sections concerning tax attribute reduction.
What is the purpose of Form 982?
The purpose of Form 982 is to allow taxpayers to report the exclusion of income from the discharge of indebtedness and to reduce their tax attributes accordingly.
What information must be reported on Form 982?
Information to be reported on Form 982 includes the amount of canceled debt, the reason for exclusion, details on tax attribute reductions, and taxpayer identification information.
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