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Lev
Lev, Tax Advisor
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Where do I enter the amount for form 982 on my 1040 return

Resolved Question:

Where do I enter the amount for form 982 on my 1040 return?
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

LEV :

Hi and welcome to Just Answer!

LEV :

The amount which is excluded from taxable income is not reported on your 1040 form.
If you exclude only part of forgiven debt on form 982 - the rest is reported on line 21 form 1040.
If the full amount of forgiven debt is excluded - none is reported on form 1040 - but you need to attach form 982 to your tax return.

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Customer: replied 4 years ago.
Where do I put the amount that the mortgage company gave me on the 1099? Assuming I wouldn't include the amount on my tax return since I am excluding the entire amount of the 1099 on form 982.
Expert:  Lev replied 4 years ago.
If you are eligible to exclude the entire amount - that amount is NOT reported on form 1040.
That amount is reported on form 982 line 2 - http://www.irs.gov/pub/irs-pdf/f982.pdf
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