Get the free Form 982
Show details
This form is used to report the reduction of tax attributes due to the discharge of indebtedness as outlined in Section 108. It includes information on discharged indebtedness and adjustments to the
We are not affiliated with any brand or entity on this form
Get, Create, Make and Sign form 982
Edit your form 982 form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share your form instantly
Email, fax, or share your form 982 form via URL. You can also download, print, or export forms to your preferred cloud storage service.
Editing form 982 online
In order to make advantage of the professional PDF editor, follow these steps below:
1
Log in. Click Start Free Trial and create a profile if necessary.
2
Upload a file. Select Add New on your Dashboard and upload a file from your device or import it from the cloud, online, or internal mail. Then click Edit.
3
Edit form 982. Rearrange and rotate pages, add and edit text, and use additional tools. To save changes and return to your Dashboard, click Done. The Documents tab allows you to merge, divide, lock, or unlock files.
4
Get your file. Select the name of your file in the docs list and choose your preferred exporting method. You can download it as a PDF, save it in another format, send it by email, or transfer it to the cloud.
pdfFiller makes dealing with documents a breeze. Create an account to find out!
Uncompromising security for your PDF editing and eSignature needs
Your private information is safe with pdfFiller. We employ end-to-end encryption, secure cloud storage, and advanced access control to protect your documents and maintain regulatory compliance.
How to fill out form 982
How to fill out Form 982
01
Obtain Form 982 from the IRS website or your tax professional.
02
Enter your name, Social Security number, and other personal information at the top of the form.
03
Specify the type of debt for which you are requesting discharge under the insolvency or bankruptcy provisions.
04
Provide the details of your assets and liabilities to demonstrate your financial situation.
05
Calculate the amount of debt canceled and include the appropriate figure in the designated section.
06
Sign and date the form before submitting it to the IRS.
Who needs Form 982?
01
Individuals who have had debt canceled are required to fill out Form 982 to exclude the canceled debt from their taxable income.
02
Taxpayers who are financially insolvent or have gone through bankruptcy proceedings may also need this form.
Fill
form
: Try Risk Free
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.
For pdfFiller’s FAQs
Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
What is Form 982?
Form 982 is a tax form used in the United States to report the discharge of indebtedness and to claim a reduction in the basis of assets due to the exclusion of canceled debt from income.
Who is required to file Form 982?
Taxpayers who have had debt canceled, forgiven, or discharged that they wish to exclude from their income are required to file Form 982.
How to fill out Form 982?
To fill out Form 982, you need to gather information regarding your discharged debt, determine the amount of debt to exclude, and report this information on the form, completing the necessary sections based on your specific situation.
What is the purpose of Form 982?
The purpose of Form 982 is to inform the IRS about the cancellation of debt and to allow taxpayers to exclude this discharged debt from their taxable income.
What information must be reported on Form 982?
Form 982 requires information such as the amount of canceled debt, the reason for the exclusion, and any adjustments to the basis of assets affected by the debt discharge.
Fill out your form 982 online with pdfFiller!
pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.
Form 982 is not the form you're looking for?Search for another form here.
Relevant keywords
Related Forms
If you believe that this page should be taken down, please follow our DMCA take down process
here
.
This form may include fields for payment information. Data entered in these fields is not covered by PCI DSS compliance.
