Tax Form 982 - Find the current revision, instructions, and other related forms and publications on the irs website. Web form 982 is used to report the reduction of tax attributes due to the discharge of indebtedness or the basis adjustment under section 1082. Debt cancelled in a title 11 bankruptcy; Cancellation of qualified principal residence indebtedness, aka mortgage debt relief; We'll automatically generate form 982 if your cancelled debt is due to: Web form 982 is used to calculate the amount of discharged debt that can be excluded from gross income under section 108. Generally, the irs regards canceled, discharged, and forgiven debt as taxable income because the debtor received a benefit without paying for it. 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. Web form 982 (reduction of tax attributes due to discharge of indebtedness) reports the amount of cancelled debt to excluded from taxable income. However, there are a few exceptions:
However, there are a few exceptions: Web form 982 is used to report the reduction of tax attributes due to the discharge of indebtedness or the basis adjustment under section 1082. Web form 982 is used to calculate the amount of discharged debt that can be excluded from gross income under section 108. 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. Cancellation of qualified principal residence indebtedness, aka mortgage debt relief; Find the current revision, instructions, and other related forms and publications on the irs website. Generally, the irs regards canceled, discharged, and forgiven debt as taxable income because the debtor received a benefit without paying for it. Web form 982 (reduction of tax attributes due to discharge of indebtedness) reports the amount of cancelled debt to excluded from taxable income. Solved•by turbotax•651•updated february 15, 2024. We'll automatically generate form 982 if your cancelled debt is due to: Debt cancelled in a title 11 bankruptcy;