Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on
Form 982,
If an exception applies, it can be claimed on
Form 982, available at http://www.
Partners that exclude COD income from gross income must file
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), with their tax return and reduce their tax attributes per the ordering rules of Sec.
Other taxpayers disclosed COD exclusions on various other statements within the return rather than completing federal
Form 982.
Finally, if you want to claim the debt forgiveness exemption, download IRS
Form 982 and attach it to your return for the year in which the debt was forgiven.
Taxpayers can claim the special exclusion by filling out
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to their federal income tax return for the year.
Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Taxpayers must attach a copy of their federal return, including
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), with their state tax return.
108 must file with the tax return
Form 982, Reduction of Tax Attributes due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).
The election is made by filing
Form 982 with the return [Treas.
Up to $2 million in forgiven mortgage debt from your principal residence can be excluded from your income by filing
Form 982 with your income tax return.
The exclusion is claimed on
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).
