Form 982

Form 982

A form one files with the IRS to reduce certain discharged debts from inclusion in one's gross income (and therefore potentially in one's taxable income). In general, a discharge of debt is included in gross income and therefore may be taxable. Form 982 is an application to reduce some of this inclusion.
References in periodicals archive ?
Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982,
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).