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   What is IRS Form 982?

   • IRS Form 982 is used to determine if any canceled debt can be excluded from your gross income and, therefore, not taxed. What Is Form 1099-C for Cancellation of Debt? Form 1099-C is the IRS form that creditors use to report the amount of canceled debt and the date it was canceled.

   How to Avoid Paying Taxes on Debt Settlement - Investopedia

   www.investopedia.com/how-to-avoid-paying-taxes-on-debt-settlement-8419039

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   How much canceled debt is included in income on Form 982?

   • You check the boxes on lines 1b and 1d of Form 982 and enter $14,000 on line 2. You complete Part II of Form 982 to reduce the basis of depreciable real property and the 2023 NOL by entering $4,000 on line 4 and $10,000 on line 6. None of the canceled debt is included in income. 2. Foreclosures and Repossessions

   Publication 4681 (2023), Canceled Debts, Foreclosures, Repossessions

   www.irs.gov/publications/p4681

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   Should I use IRS Form 982 with Form 1099-C?

   • If you've recently had debt forgiven, you might be facing the confusing task of dealing with IRS Form 1099-C, which reports canceled debt as taxable income. Understanding how to properly use IRS Form 982 alongside Form 1099-C is crucial to potentially reducing or eliminating your tax liability from debt cancellation.

   How to Use IRS Form 982 and 1099-C: Cancellation of Debt - Pacific Debt

   www.pacificdebt.com/how-to-use-irs-form-982-and-1099-c-cancellation-of-debt

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   How do I report a discharge of indebtedness on Form 982?

   • Use Part I of Form 982 to indicate why any amount received from the discharge of indebtedness should be excluded from gross income and the amount excluded. Use Part II to report your reduction of tax attributes.

   Instructions for Form 982 (12/2021) | Internal Revenue Service

   www.irs.gov/instructions/i982

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2. www.irs.gov › instructions › i982Instructions for Form 982 (12/2021) | Internal Revenue Service

   www.irs.gov › instructions › i982

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   Instructions for Form 982 - Main Contents. General Instructions. Future Developments; What’s New. Discharge of qualified principal residence indebtedness before 2026. Purpose of Form; Definitions. Title 11 case. Discharge of indebtedness. When To File; Specific Instructions. Part I. Line 1b; Line 1c; Line 1d; Line 1e. Principal residence.

3. www.irs.gov › pub › irs-priorInstructions for Form 982 - Internal Revenue Service

   www.irs.gov › pub › irs-prior

   TIP by the chapter (such as, for example, chapter 7, 11, 12, or 13) under title 11 that you sought debt relief. Discharge of Indebtedness. The term. discharge of indebtedness conveys forgiveness of, or release from, an obligation to repay.

4. www.irs.gov › publications › p4681Publication 4681 (2023), Canceled Debts, Foreclosures ...

   www.irs.gov › publications › p4681

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   You check the boxes on lines 1b and 1d of Form 982 and enter $14,000 on line 2. You complete Part II of Form 982 to reduce the basis of depreciable real property and the 2023 NOL by entering $4,000 on line 4 and $10,000 on line 6. None of the canceled debt is included in income.

5. www.pacificdebt.com › how-to-use-irs-form-982-andHow to Use IRS Form 982 and 1099-C: Cancellation of Debt

   www.pacificdebt.com › how-to-use-irs-form-982-and

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   Feb 15, 2021 · Understanding how to properly use IRS Form 982 alongside Form 1099-C is crucial to potentially reducing or eliminating your tax liability from debt cancellation. This guide aims to help demystify these forms to help you navigate the process.

6. www.investopedia.com › how-to-avoid-paying-taxesHow to Avoid Paying Taxes on Debt Settlement - Investopedia

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   Jan 19, 2024 · IRS Form 982 is used to determine if any canceled debt can be excluded from your gross income and, therefore, not taxed. What Is Form 1099-C for Cancellation of Debt?

   • Author: Karon Warren

7. www.forbes.com › sites › robertwoodIRS Taxes Usually Apply If Your Debt Is Cancelled ... - Forbes

   www.forbes.com › sites › robertwood

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   May 15, 2023 · Applying only to your principal residence, the Mortgage Debt Relief Act excluded as income any debt discharge up to $2 million (an amount that was cut back to $750,000 for 2021 to 2025). The...

8. www.taxact.com › support › 1295Mortgage Forgiveness Debt Relief Act and Debt ... - TaxAct

   www.taxact.com › support › 1295

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   If you qualify for this exclusion, you would use Form 982 to report the exclusion of the canceled debt. Form 982 will follow the Form 1099-C interview. More information, go to IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals).