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how do yu fill out a form 982 for the IRS

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how do yu fill out a form 982 for the IRS
Submitted: 5 years ago.Category: Tax
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1/2/2012
Tax Professional: Lev, Tax Advisor replied 5 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,133
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!
You will use the form 982 if you have a debt forgiven and are eligible to exclude all or part of that debt from taxable income.

If you negotiate with the creditor and all or part of the debt is forgiven or the debt would be canceled under bankruptcy protection procedure - you are sent the form 1099-C.

The amount of debt forgiven is reportable on 1099-C - http://www.irs.gov/pub/irs-pdf/f1099c.pdf - generally is taxable, unless any exemption apply -- you should file a form 982 - www.irs.gov/pub/irs-pdf/f982.pdf
- to proof your exemption - and might exclude all or part of canceled debt from taxable income.

Filing the form 982 depends on the type of debt and which exemption you are using.

You will find examples in IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments http://www.irs.gov/pub/irs-pdf/p4681.pdf

Let me know if you need any help.
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Tax Professional: Charles Markham, EA, MST, USTCP replied 5 years ago
Charles Markham
Charles Markham, EA, MST, USTCP
Category: Tax
Satisfied Customers: 769
Experience: IRS Enrolled Agent, US Tax Court Practitioner
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982's are deceptively simple looking forms. Are you filing this with an original return, a late return or in response to an IRS Notice?

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Charles Markham
Charles Markham
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