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section 108(a)

Any other debt Use Part I of Form 982 to indicate why any amount received from the discharge of indebtedness should be excluded from gross income and the amount excluded. Use Part II to report your reduction of tax attributes.
If you had a debt cancelled during the tax year, you generally need to report this as income on your return. However, if any of the following apply, you may be eligible to exclude the cancellation of debt from your income. You may exclude the cancellation of indebtedness if it was a: 1. Discharge of qualified principal

16 Apr 2009
Information about Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), including recent updates, related forms and instructions on how to file. This form is used to determine under certain circumstances described in section 108 the amount of discharged
If you received Form 1099-C Cancellation of Debt and are eligible to exclude a canceled debt from your income because of any of the following, file Form 982 or bankrupt (see Publication 908 Bankruptcy Tax Guide); The debt is qualified principal residence indebtedness (see page 4 of the IRS Instructions for Form 982).
If insolvent, complete IRS form 982 as per instructions and example: 0 Check Part 1 box b. 0 Put the amount of settled or "forgiven" debt from the 1099-C on Part 1, line 2. You don't need to fill out anything else on form 982. Attach or include Form 982 and the Assets vs. Liabilities worksheet with your tax return and mail.
If you have not paid anything yet, you can easily cancel and change to the desktop version for your return. Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness) reports the amount of cancelled debt to excluded from taxable income. We'll automatically generate Form 982 if your cancelled debt is due to:.
Use Part I of Form 982 to indicate why any amount received from the discharge of indebtedness should be excluded from gross income and the amount excluded. Use Part II to report your reduction of tax attributes.
6 Jan 2017 I'll present the most common FAQs I field on IRS tax Form 1099-C and Form 982. Plus a few tips I've learned over the years as an insolvency CPA. The Form 982 instructions get complex quickly and you'd have to know some tax and accounting concepts to have them make sense. Form 1099-C instructions

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March 2018