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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).
May 9, 2023 · 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.
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How do I claim a forgiven debt on my tax return?
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Jan 31, 2024 · 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. About Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) | Internal Revenue Service
The FMV of your total assets on March 2, 2023 (immediately before the cancellation of the credit card debt), was $7,000 and your total liabilities at that time were $11,000. Your adjus-ted tax attributes (a 2023 NOL) are $7,000 and you have $4,000 total adjusted basis in qualified property at the beginning of 2024.
Form 982 - Reduction of Tax Attributes. 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. Note.
File Form 982 with your tax return. To access Form 1099-C Cancellation of Debt in the TaxAct program, go to our Form 1099-C - Entering Cancellation of Debt in Program FAQ. 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.
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