IRS Publication 4681 2011 free printable template

Publication 4681 Contents Canceled Debts Foreclosures Repossessions and Abandonments Reminder. 2 Cat. No. 51508F Department of the Treasury Internal Revenue Service for Individuals For use in preparing 2014 Returns Introduction. 2 Common Situations Covered In This Publication. 2 Chapter 1. Canceled Debts. Form 1099-C. Discounts and Loan Modifications.

How to fill out form 982 - irs

How to fill out form 982:

1. Gather necessary information: Before starting the form, collect all relevant financial and tax-related documents such as your previous year's tax return, any foreclosure or debt cancellation statements, and any additional supporting information.
2. Understand the purpose of form 982: Form 982, also known as the Reduction of Tax Attributes Due to Discharge of Indebtedness, is used to report the exclusion of canceled debt from your taxable income. It helps reduce the tax consequences of canceled debts, such as debts discharged in bankruptcy or mortgage debt forgiven through a foreclosure.
3. Provide personal information: Begin filling out the form by entering your name, Social Security number (or Employer Identification Number if applicable), and address. Ensure the information provided matches your previous tax return.
4. Complete Part I: In Part I, identify the type of discharge that resulted in canceled debt. Some common categories include bankruptcy, qualified farm indebtedness, qualified real property business indebtedness, or discharge of qualified principal residence indebtedness.
5. Calculate the exclusion: In Part II, calculate the total amount of canceled debt that you are excluding from your taxable income. This can be done by referring to the Form 1099-C provided by the lender or creditor.
6. Complete Part III: If you are excluding qualified principal residence indebtedness, fill out Part III of the form. This section requires information about the property, acquisition or refinancing dates, and details regarding any modifications or alterations made.
7. Calculate the reduction in tax attributes: Part IV of form 982 involves calculating the reduction in certain tax attributes, such as certain carryovers, basis increases, or depreciable basis reductions. Refer to the instructions provided with the form or seek professional assistance if needed.
8. Sign and submit: Review the form to ensure all information is accurate and complete. Sign and date the form before attaching it to your tax return or submitting it to the appropriate authority based on the instructions provided.

Who needs form 982:

1. Individuals who have had debt discharged or canceled during the tax year may need to fill out form 982.
2. Those who have received Form 1099-C from a lender or creditor indicating the cancellation of the debt should consider using form 982 to exclude the canceled amount from their taxable income.
3. Form 982 is commonly used by people who have gone through bankruptcy, had mortgage debt forgiven due to a foreclosure or short sale, or had debt canceled as part of a debt relief program.

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What is form 982?

Form 982 is a tax form used by individuals and businesses to report the exclusion of certain canceled debts from their taxable income. When a debt is canceled or forgiven, it is typically considered taxable income by the IRS. However, under certain circumstances, such as insolvency or bankruptcy, individuals or businesses may be eligible to exclude the canceled debt from their taxable income. Form 982 is used to provide information on the canceled debt and any applicable exclusion. It is filed along with the individual or business tax return (such as Form 1040 or Form 1120) to ensure that the canceled debt is properly accounted for and excluded from taxable income.

Who is required to file form 982?

Individuals, partnerships, corporations, and estates are all required to file Form 982 in certain situations. People or entities who have canceled debt, discharged indebtedness, or had some sort of reduce in their tax attributes are typically the ones who need to file this form. However, it is recommended to consult a tax professional or refer to the IRS guidelines to determine specific eligibility and requirements for filing Form 982.

How to fill out form 982?

Form 982, also known as Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), is used to report the exclusion of canceled debt from taxable income. Here is a step-by-step guide on how to fill out Form 982: 1. Download Form 982: You can find Form 982 on the official IRS website (www.irs.gov) or use tax preparation software to generate it. 2. Identify the applicable lines: Look for the lines on the form that correspond to the type of canceled debt exclusion you are claiming. The most common lines are 10a, 10b, and 10e, which cover the exclusion of debt from a qualified principal residence, bankruptcy, and insolvency, respectively. 3. Complete Part I: Provide your identification information, including your name and Social Security number. If you're filing jointly, include your spouse's information as well. 4. Complete Part II: This section is specific to the type of canceled debt exclusion you are claiming. You need to provide the necessary details and calculations based on the instructions for each line. 5. Complete Part III (skip if not applicable): If you are claiming an exclusion for the cancellation of qualified farm indebtedness, you will need to complete this section. 6. Complete Part IV (skip if not applicable): If you are claiming an exclusion for the cancellation of qualified real property business debt that was discharged in 2009 or 2010, you will need to complete this section. 7. Complete any other applicable sections: Depending on your specific situation, there may be additional parts or sections to complete, such as Part V for certain qualified self-employed individuals. 8. Review and double-check: Make sure you have filled out all the necessary information accurately and reviewed the form for any errors or omissions. 9. Attach Form 982 to your tax return: Once completed, attach Form 982 to your tax return, typically to Form 1040 or the applicable business tax return. It's important to note that filling out Form 982 can be complex, particularly if you have multiple types of canceled debt exclusions or if your situation involves unique circumstances. It's highly recommended to consult with a tax professional or a qualified tax accountant for assistance with filling out this form correctly.

What is the purpose of form 982?

The purpose of Form 982, also known as the Reduction of Tax Attributes Due to Discharge of Indebtedness, is to report the exclusion of cancellation of debt (COD) income from taxable income. When a borrower's debt is forgiven, cancelled, or discharged, it is generally considered taxable income by the IRS. However, certain exceptions exist where this debt cancellation can be excluded from taxable income. Form 982 allows taxpayers to claim these exceptions and reduce their tax liability.

What information must be reported on form 982?

Form 982 is used to report the exclusion of income from the discharge of indebtedness or the reduction of tax attributes. Here is the information that must be reported on Form 982: 1. Identifying Information: The first section of Form 982 requires you to provide your name, address, and taxpayer identification number. 2. Part I – Discharge of Indebtedness: This section is used to report the exclusion of income from the discharge of indebtedness. You need to provide details about the cancelled debt, such as the name of the creditor, the amount of cancelled debt, and the date it was cancelled. 3. Part II – Reduction of Tax Attributes Due to Discharge of Indebtedness: Here, you report the reduction of certain tax attributes, such as net operating losses, general business credits, capital losses, and tax basis of property. You need to provide information on each tax attribute you are reducing and calculate the total reduction amount. 4. Part III – Election to Reduce Tax Attributes: If you are reducing tax attributes other than those mentioned in Part II, you must complete this section and attach a statement explaining the reduction. 5. Part IV – Reduction of Tax Attributes Belonging to the Debtor of Insolvent Financial Institution: This section is specifically for a reduction of tax attributes when the debtor is an insolvent financial institution. 6. Part V – Other Reductions of Tax Attributes: If you are reducing tax attributes that are not covered in other sections, you should provide a description and the amount of reduction in this part. 7. Part VI – Summary: This part summarizes the total reduction amounts from Part II, III, IV, and V. It's important to note that the exact information required on Form 982 may vary depending on the specific circumstances of your situation, so it is recommended to consult the instructions provided by the IRS or seek professional tax advice to ensure accuracy.

When is the deadline to file form 982 in 2023?

The deadline to file form 982 in 2023 is typically April 17th, which is the tax filing deadline for that year. However, please note that tax deadlines may vary, so it is always best to consult official IRS publications or a tax professional for the most up-to-date and accurate information.

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