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1. www.irs.gov › pub › irs-pdfForm 982 (Rev. March 2018) - Internal Revenue Service

   www.irs.gov › pub › irs-pdf

   Form 982 (Rev. March 2018) Department of the Treasury Internal Revenue Service . Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) . Attach this form to your income tax return. . Go to . www.irs.gov/Form982. for instructions and the latest information. OMB No. 1545-0046. Attachment Sequence No. 94

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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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   File Form 982 with your federal income tax return for a year a discharge of indebtedness is excluded from your income under section 108(a).

3. People also ask

   How do I claim a forgiven debt on my tax return?

   • In order to claim this, taxpayers must file IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). In this article, we’ll walk through the different types of forgiven debt you may exclude on your income tax return, and how to report it on Form 982.

   IRS Form 982 Instructions - Discharge of Indebtedness

   www.teachmepersonalfinance.com/irs-form-982-instructions/

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   How do I reduce canceled debt on Form 982?

   • When completing the tax return, you check the box on line 1b of Form 982 and enter $5,000 on line 2. You complete Part II to reduce the tax attributes, as explained under Reduction of Tax Attributes, later. You don’t include any of the $5,000 canceled debt on Schedule 1 (Form 1040), line 8c. None of the canceled debt is included in income.

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

   www.irs.gov/publications/p4681

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   Can a forgiven debt be excluded from income?

   • However, certain parts of the tax code allow for taxpayers to exclude certain forgiven, discharged, or canceled debts from income. In order to claim this, taxpayers must file IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

   IRS Form 982 Instructions - Discharge of Indebtedness

   www.teachmepersonalfinance.com/irs-form-982-instructions/

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   What is a form 982?

   • 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. None at this time.

   About Form 982, Reduction of Tax Attributes Due to Discharge of

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4. www.irs.gov › forms-pubs › about-form-982About Form 982, Reduction of Tax Attributes Due to Discharge ...

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   Jan 31, 2024 · Information about Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), including recent updates, related forms, and instructions on how to file. Form 982 is used to find the discharged indebtedness amount that can be excluded from gross income.

5. www.teachmepersonalfinance.com › irs-form-982IRS Form 982 Instructions - Discharge of Indebtedness

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   • Part I: General Information
   • Part II: Reduction of Tax Attributes
   • Part III: Consent of Corporation

   In Part I, you’ll check the applicable box(es) and report the amount of discharged indebtedness that you intend to exclude from gross income.

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   In Part II, you will enter the amount excluded from gross income that is applied to allowable basis reductions or credit reductions, based on ordering rules, as defined under IRC Section 1017 and Treasury Regulations Section 1.1017-1.

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   Unless otherwise stated, the corporation, by filing this form, agrees to apply the general rule for adjusting the basis of property (as described in Treasury Regulations Section 1.1082-3(b)). Taxpayers must request any deviations from this general rule in writing and wait for approval by the IRS Commissioner. In Part III, enter the exclusion amount...

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

   www.irs.gov › publications › p4681

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   Dec 31, 2020 · Include the amount of canceled qualified real property business debt (but not more than the amount of the exclusion limit, explained earlier) on line 2 of Form 982. You must also reduce your tax attributes in Part II of Form 982, as explained under Reduction of Tax Attributes, later.

7. www.fool.com › knowledge-center › how-to-estimateHow to Estimate Asset Values for Insolvency and Cancellation ...

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   In order to exclude the canceled debt from your taxable income, you'll need to fill out IRS Form 982 (link opens PDF) and check the box on line 1b -- "Discharge of indebtedness to the...

8. www.taxact.com › support › 1166Form 982 - Reduction of Tax Attributes

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   If you received Form 1099-C Cancellation of Debt and are eligible to exclude a canceled debt from your income because of any of the following, file Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) with your return.