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I am trying to fill out a form 982 I was audited by the IRS
I am trying to fill out a form 982 I was audited by the IRS for my 2016 taxes, they said there was a 1099-C reported in the amount of $27,000. After the audit I owed them $6500. They took my refund th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I'm doing my taxes with turbo tax online. I received 1099-C
Hello, I'm doing my taxes with turbo tax online. I received 1099-C for a total of $14,611 in credit card debt. I want to fill out form 982 and have completed the worksheet myself to show I'm insolvent… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I have 6 1099 C cancellation of debt, 5 are for credit cards
I have 6 1099 C cancellation of debt, 5 are for credit cards and 1 is for a boat loan all totaling $53,000. I am insolvent according to the worksheet for the 982 form. Do I check box 1b for insolvency… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I'm coming back to a question that was addressed several
I'm coming back to a question that was addressed several years ago, to confirm that my understanding still holds true for filing my 2018 return. I had $18, 834 in credit and private loan debt discharg… read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,712 satisfied customers
I need to file a Form 982 for credit card debt... Personal
As I understand, I have to check 1b in Part 1 and put whole amount of canceled debt in 2. What about 10a??? I read a few similar cases on your website, but it is still confusing. Some experts say don't put anything in 10a, cause its credit card debt, some say do tax attributes. What is the deal? 1. When I check my insolvency, do I include this particular canceled card debt in liabilities with other credit card debts in Insolvency Worksheet or not? 2. Car loan? I bought a car a month before the credit card debt was canceled. So, now I have a car loan. Is it liability or my asset? Cause in my case its going to make a difference.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I am trying to fill out the form 982 for cancellation of
I am trying to fill out the form 982 for cancellation of debt i am unable to figure this out. I have 4 1099 C's that I need to fill out a form*****it will not be included in my income due to insolvenc… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
Robin D. You have been a big help so far. I do have one more
Hello again Robin D. You have been a big help so far. I do have one more question. I am filling out form 982 for cancellation of credit card debt (27K). Due to my home be underwater almost $200K I eas… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
We are filling out a form 982. My wifes home was purchased
We are filling out a form 982. My wifes home was purchased for 160000 and she had a second for 80000. She foreclosed and the 1st took the home to auction. The second has been trying to collect but has… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I am filing Form 928 on forgiven credit card debt.I have completed
I am filing Form 928 on forgiven credit card debt.I have completed the Insolvency Worksheet and the entire debt appears excludable by a fairly comfortable amount.I am checking 1(b) on Form 982 and the… read more
PDtax
PDtax
Owner
Master's Degree
4,979 satisfied customers
I received a 1099 from a credit card company for personal unsecured
I received a 1099 from a credit card company for personal unsecured debt of $3,890.00 for 2013 but I am insolvent. I completed form 982 so that I won't show this 1099 canceled debt as income but don't… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
morning,am filling out 982 form for insolvency, have done insolvency
morning,am filling out 982 form for insolvency, have done insolvency worksheet but am confused on th e982 form HELP… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
I was off in 2010 and later filed for bankruptcy, which
I was laid off in 2010 and later filed for bankruptcy, which was discharged in 2011. I owned a house and a rental which were going to be repossessed in the bankruptcy. The banks did not repo until 201… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
Need help, form 982 as individual. Using H&R Block with form
Need help, form 982 as individual. Using H&R Block with form 982, doesn't have worksheet 4681:used paper 4681 for assets & debt. Have cancelled credit card debt of $3844, shared with ex-spouse from 10… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,313 satisfied customers
I became disabled shortly after graduating from college. I
I became disabled shortly after graduating from college. I receive 8400.00 A yr. Soc. Sec. disability. My student loans were forgiven and I was sent a 1099-C for the amount of 25,033.12. I filled out … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,693 satisfied customers
Form 982 I want to show indebtedness due to insolvency. My
Form 982 I want to show indebtedness due to insolvency. My Insolvency is -69,474.00 the amount of debt cancellation is 5472.00 So do I put that amount Pt 1 Line 2 and then Part 2 line 10A put the -69,… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
I am filing a Form 928 to exclude 1099-C credit card written
I am filing a Form 928 to exclude 1099-C credit card written off debt. I have filled out an involvency worksheet and even have created an exhibt to file with my taxes indicating how I came to my value… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,919 satisfied customers
I am filling out 982 but dont know what to put in part 2
I am filling out 982 but dont know what to put in part 2. I have done the worksheet and have determined I was insolvent at the time this credit card co wrote off the debt. The 1099c sent to me said th… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
For the 2005 taxyear, I received a 1099C for $9165 from Chase
For the 2005 taxyear, I received a 1099C for $9165 from Chase for debt that was cancelled (credit card). I claimed the whole thing on my taxes and thought I was done. After I had already filed my taxe… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
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