Get the free IRS Form 982 (Rev. January 2006) - to return to the home page
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This form is referenced in an end note at the Bradford Tax Institute. CLICK HERE to go to the home page. Form 982 (Rev. January 2006) Department of the Treasury Internal Revenue Service Reduction
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How to fill out irs form 982 rev
How to fill out IRS Form 982 Rev:
01
Gather the necessary information: Before starting to fill out the form, make sure you have all the relevant information handy, such as your personal identification details, tax information, and any relevant documentation regarding the discharge of indebtedness.
02
Start with personal details: Begin by filling out the relevant personal details required on the form, such as your name, address, social security number, and any other identifying information requested.
03
Understand the purpose of Form 982: Form 982, also known as the Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used to report the exclusion of certain canceled debts from taxable income.
04
Identify the type of discharge: Determine the specific type of debt discharge you are claiming on the form. This could be due to bankruptcy, insolvency, nonrecourse loans, or other specific circumstances outlined in the instructions for Form 982.
05
Complete Part I of the form: Part I of the form requires you to provide information regarding the amount of discharged indebtedness and the fair market value of any property you may have transferred as part of the discharge. Follow the instructions provided on the form to accurately complete this section.
06
Complete Part II of the form: Part II of Form 982 is used to claim certain exclusions or reductions related to the discharged debt. Depending on the circumstances, you may need to complete certain sections such as lines 10a, 10b, or 10c. Read the instructions carefully and fill out the appropriate sections.
07
Review and double-check: Before submitting the form, carefully review all the information you have provided, ensuring accuracy and completeness. Mistakes or errors on the form could delay processing or lead to potential issues with the IRS.
Who needs IRS Form 982 Rev:
01
Individuals with canceled debts: If you have had any debt canceled or discharged during the tax year, you may need to report it using IRS Form 982.
02
Taxpayers claiming exclusions or reductions: If you meet certain qualifications for the exclusion or reduction of canceled debt from your taxable income, you will need to complete Form 982 to claim these benefits.
03
Individuals facing bankruptcy or insolvency: If you have gone through bankruptcy proceedings or were insolvent immediately before the discharge of indebtedness, you may need to use Form 982 to report any excluded debt.
Note: It is important to consult with a tax professional or refer to the instructions provided by the IRS when completing Form 982, as every individual's financial situation may vary. This content is intended for informational purposes only and should not be considered legal or financial advice.
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What is irs form 982 rev?
IRS form 982 rev is used to report the reduction or elimination of certain tax attributes after a taxpayer has discharged indebtedness.
Who is required to file irs form 982 rev?
Taxpayers who have discharged indebtedness are required to file IRS form 982 rev.
How to fill out irs form 982 rev?
To fill out IRS form 982 rev, taxpayers need to provide information about the discharged indebtedness, as well as any applicable tax attributes being reduced or eliminated.
What is the purpose of irs form 982 rev?
The purpose of IRS form 982 rev is to report the reduction or elimination of certain tax attributes as a result of discharging indebtedness.
What information must be reported on irs form 982 rev?
Taxpayers must report information about the discharged indebtedness and any tax attributes being reduced or eliminated on IRS form 982 rev.
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