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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. www.irs.gov › pub › irs-pdfAttach this form to your income tax return. Go to www.irs.gov ...

   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.

   • File Size: 68KB

   • Page Count: 1

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

   www.teachmepersonalfinance.com › irs-form-982

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   May 9, 2023 · IRS Form 982 Instructions. Get the Form! If you have discharged or forgiven debt, the Internal Revenue Service expects you to include that debt as taxable income. However, certain parts of the tax code allow for taxpayers to exclude certain forgiven, discharged, or canceled debts from income.

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6. www.taxpayeradvocate.irs.gov › get-help › generalI Have a Cancellation of Debt or Form 1099-C - Taxpayer ...

   www.taxpayeradvocate.irs.gov › get-help › general

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   Dec 21, 2021 · You must report any taxable amount of a canceled debt as ordinary income on IRS Form 1040 or IRS Form 1040NR tax returns. To report the amount qualifying for exclusion and other information that may affect your tax liability in future years, you must file IRS Form 982 , Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section ...

7. www.efile.com › tax-service › formsForm 982: Reduction of Tax Attributes Due to Discharge of

   www.efile.com › tax-service › forms

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   Form 982: Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Form 982 is filed with your tax return to report the exclusion of discharged debt from your gross income under specific circumstances outlined in Internal Revenue Code Section 108.