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,
If an exception applies, it can be claimed on Form 982, available at http://www.irs.gov/pub/irs-pdf/f982.pdf , which should be filed with the tax return.
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.
Several taxpayers did not attach federal Form 982, Reduction of Tax Attributes Due to Discharge of indebtedness.
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)
However, debtors who exclude amounts from gross income relative to IRC section 108(f) are required to fill out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, even if the discharge is excludable from gross income.
The taxpayer does not file a Form 982 because there has been no discharge of indebtedness.
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."
The election is made by filing Form 982 with the return [Treas.
While exceptions exist, reporting under an exception is complex and requires filing Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), with the tax return (a form with which many tax preparers are unfamiliar).