IRS 982 1993 free printable template

Rev. 12-93 Page Form 982 Rev. 12-93 Use Part I of Form 982 to explain why any amount received from the discharge of gross income. Do not use this version of Form 982 for discharges in tax years beginning after 1993 a new version will be available in January 1995 for these discharges. 908 Bankruptcy and Other Debt Cancellation. When To File. File Form 982 with your original income tax return for the tax year in which the discharge of indebtedness was obtained or the transfer of property occurred....If you fail to file this form with your original return you must file it with an amended return or claim for credit or refund if the discharge of indebtedness occurred in a title 11 case involved qualified farm indebtedness or qualified real property business indebtedness or occurred to the extent you were insolvent. Form Rev* December 1993 Department of the Treasury Internal Revenue Service Reduction of Tax Attributes Due to Discharge of Indebtedness and Section 1082 Basis Adjustment Caution DO...NOT use this version for discharge of indebtedness in tax years beginning after 1993. Part I a b c d Attachment Sequence No* Attach this form to your income tax return* Name shown on return OMB No* 1545-0046 Expires 1-31-95 Identifying number General Information see instructions Amount excluded is due to check applicable box es Discharge of indebtedness in a title 11 case Discharge of qualified farm indebtedness Discharge after 1992 of qualified real property business indebtedness Total amount...of discharged indebtedness excluded from gross income Do you elect to treat all real property described in section 1221 1 relating to property held for sale to customers in the ordinary course of a trade or business as if it were depreciable property Yes No in basis under section 1017. Enter amount excluded from gross income 4 For a discharge of qualified real property business indebtedness applied to reduce the basis of depreciable real property 5 That you elect under section 108 b 5 to apply...first to reduce the basis under section 1017 of depreciable property 6 Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried over to the tax year of the discharge carryovers to the tax year of the discharge 5. DO NOT use in the case of discharge of qualified far m indebtedness not reduced on line 5 b Land used or held for use in a trade or business of farming c Other property used or held for use in a trade or business or for the production of income...10a 10b 10c Consent of Corporation to Adjustment of Basis of its Property Under Section 1082 a 2 The corporation named above has excluded under section 1081 b of the Internal Revenue Code from its gross income for the tax year beginning and ending. Under that section the corporation consents to have the basis of its property adjusted in accordance with the regulations prescribed under section 1082 a 2 of the Internal Revenue Code in effect at the time of filing its income tax return for that...year.

Instructions and Help about IRS 982

How to edit IRS 982

How to fill out IRS 982

Instructions and Help about IRS 982

How to edit IRS 982

Editing IRS 982 involves filling in all relevant sections accurately. You can access editable versions of IRS forms through various online tools, including pdfFiller. Ensure that any corrections made align with IRS rules and guidelines before submission.

How to fill out IRS 982

To fill out IRS 982 accurately, follow these general steps:

1. Obtain a copy of the form from the IRS website or a trusted source.
2. Gather all necessary financial documents and information related to debt cancellation.
3. Complete each section of the form, providing required details about the debtor and the debt discharged.
4. Sign and date the form once you have verified all information is correct.

About IRS previous version

What is IRS 982?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS previous version

What is IRS 982?

IRS 982, titled "Reduction of Tax Attributes Due to Discharge of Indebtedness," is a tax form used to report the tax implications of canceled debts. It enables taxpayers to adjust their tax attributes to reflect the cancellation of debt, which can impact future tax liabilities.

What is the purpose of this form?

The primary purpose of IRS 982 is to allow taxpayers to exclude canceled debt from their taxable income under certain circumstances, such as insolvency. By accurately reporting this information, taxpayers can minimize their tax liability resulting from discharged debts.

Who needs the form?

Taxpayers who have had debts canceled or forgiven must file IRS 982 if they want to exclude those cancelled amounts from their taxable income. This typically applies to individuals, businesses, or estates that have discharged debt in a given tax year. Additionally, anyone claiming insolvency should complete this form.

When am I exempt from filling out this form?

You may be exempt from filling out IRS 982 if the canceled debt does not need to be reported for tax purposes or if the amount is specifically excluded from income under the Internal Revenue Code. Common exemptions include certain types of student loans or debts discharged due to bankruptcy.

Components of the form

IRS 982 includes several key components, such as taxpayer identification information, details about the discharged debt, and the necessary calculations to determine the amount to be excluded from income. Understanding each component is essential for accurate reporting.

What are the penalties for not issuing the form?

Failing to issue IRS 982 when required can lead to significant penalties. Taxpayers may incur back taxes based on the canceled debt amounts that were excluded incorrectly or not reported at all. Additionally, the IRS can impose fines for failure to file or failure to furnish accurate information.

What information do you need when you file the form?

When filing IRS 982, you will need specific information, including:

1. The total amount of debt canceled.
2. Your adjusted gross income (AGI) for the year.
3. Details about the type of debt and the circumstances surrounding its cancellation.
4. Any supporting documentation, such as cancellation notices or settlement agreements.

Is the form accompanied by other forms?

IRS 982 may need to be filed alongside other tax forms, such as Form 1040 or Form 990 for non-profit organizations. It's crucial to review IRS instructions or consult with a tax professional to determine the appropriate forms needed based on individual circumstances.

Where do I send the form?

Submit completed IRS 982 to the address provided in the IRS instruction booklet for that tax year. Typically, you would include it with your annual tax return submission. Ensure to check the specific filing requirements for your state, as they might differ.

FAQ about IRS 982

What should I do if I realize I made a mistake on my caution do not use form after submission?

If you discover an error after submitting your caution do not use form, you can file an amended form to correct the mistake. Be sure to clearly indicate the changes and retain copies of both the original and amended submissions for your records.

How can I verify if my caution do not use form has been received and processed?

To verify the status of your caution do not use form, check the submission confirmation received at filing. You can also contact the processing office directly or use their online tracking system if available to ensure your form is being processed correctly.

What are some common errors people make when filing the caution do not use form, and how can I avoid them?

Common errors include incorrect information or missing details on the caution do not use form. Always double-check the accuracy of the data and ensure all required fields are completed before submission to minimize the risk of rejection or delays.

Is it acceptable to use an electronic signature when submitting the caution do not use form?

Yes, electronic signatures are generally accepted for the caution do not use form, provided they meet the security and verification standards set by the filing authority. Ensure that you follow any specific guidelines related to electronic submissions.

What should I do if I receive a notice regarding my caution do not use form submission?

If you receive a notice or inquiry about your caution do not use form, review the communication carefully and gather any necessary documentation. Respond promptly and clearly addressing the issues raised, and keep copies of all correspondence for your records.