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.

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Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982,

United States : Taxpayers can now e-file returns including four tax benefits related to incentives for energy production and conservation

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.

Law Offices of Hilton Wiener Issues Tax Opinion to Real Estate Investor Stating That a 1099-C Following the Settlement of a Foreclosure is Not Taxable Income

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.

Debt discharge under Sec. 108: partnerships vs. S corps

Several taxpayers did not attach federal Form 982, Reduction of Tax Attributes Due to Discharge of indebtedness.

Cancellation of debt review by audit

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.

Ken Harney -- On write-downs, some tax issues

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.

Home sellers may avoid paying capital gains tax

* Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

IRS green lights electronic filing for business tax returns

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.

Medical student loans: making repayments tax free

The taxpayer does not file a Form 982 because there has been no discharge of indebtedness.

Discharge of indebtedness on principal residences and business real property

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."

Essex Mortgage Bank in Santa Rosa, CA. Has Been Helping Homeowners Since 1986 with FHA and Conventional Financing They Are Specialists in California First Time Home Buyer

The election is made by filing Form 982 with the return [Treas.

Taxing times: rental property foreclosures and short sales

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).