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I owned a warehouse in a single person LLC that we sold because the lender called the loans. There were two loans the first to purchase the building and the second to secure the business line of credit. Business went out of business in 2006 and we made the payments from rent until we lost a tenant and the property was losing money. The bank accepted net proceeds to payoff both loans in 2008 and sent 1099-C. How do I fill out the 982? We were insolvent at the time of sale that is why we could not refinance or make payments.
Hello and thank you for using Just Answer. Did you filed your 2008 federal tax return?
I filed for extensions and am trying to do return right now.
Was that your question about deposit made?I don't understand
When you file your 2008 tax return also file Form 982, check box 1b and enter on line 2 the amount enter on Form 1099-C.
I got that far don't know how to show to fill out rest of page. and do I fill out and file worksheet on insolvency?
That all you have to fill out on Form 982. You should keep for three years the FMV of your total assets immediately before the discharge and your total liabilities immediately before the discharge.
Enrolled Agent
10 years self employed , Income Tax Preparation & Representation