IRS 982 2018-2025 free printable template

For Paperwork Reduction Act Notice see separate instructions. Cat. No. 17066E Form 982 Rev. 3-2018. Form Rev* March 2018 Department of the Treasury Internal Revenue Service Reduction of Tax Attributes Due to Discharge of Indebtedness and Section 1082 Basis Adjustment Attach this form to your income tax return* Go to www*irs*gov/Form982 for instructions and the latest information* a b c d e Attachment Sequence No* 94 Identifying number Name shown on return Part I OMB No* 1545-0046 General...

How to fill out irs form 982

How to fill out IRS 982

1. Gather relevant financial documents and any information regarding the debt cancellation.
2. Download or obtain Form 982 from the IRS website.
3. Fill out your name, address, and social security number at the top of the form.
4. In Part I, check the box for the relevant type of debt discharge (e.g., business debt, qualified real property business debt).
5. Complete Part II to indicate how much of the cancellation of debt is excluded from gross income.
6. If applicable, fill out Part III, providing the information on any insolvency or bankruptcy.
7. Review the form for accuracy and that all necessary supporting documentation is attached.
8. Sign and date the form, then submit it with your income tax return.

Who needs IRS 982?

1. Taxpayers who have had debt cancelled, released, or forgiven.
2. Individuals who are solvent but wish to exclude certain types of canceled debt from their income.
3. Business owners who have had business debts discharged and want to report it properly.

• What is Form 982?
• Who should file Form 982 2024?
• • What information do I need to file the 982 Form?
  • How do I fill out Form 982 in 2025?
  • Is Form 982 accompanied by other forms?
  • When is IRS Form 982 Due?
  • Where do I send 982 forms?

What is Form 982?

Under particular circumstances described in section 108 of the Internal Revenue Code, a taxpayer can exclude the amount of discharged indebtedness from their gross income. IRS Form 982 (or Reduction of Tax Attributes Due to Discharge of Indebtedness) is used to report the exclusion and the reduction of specific tax attributes, either dollar for dollar or 331/3 cents per dollar.

Who should file Form 982 2024?

The record must be filed by taxpayers who have received 1099-C (Cancellation of Debt) and are eligible to exclude canceled debt from their income.

What information do I need to file the 982 Form?

Filers can prepare the following information to accelerate the process of filling out the template:

• Their name and identification number
• The reason for discharging debt and its total amount
• Details about reduction of tax attributes
• Consent of corporation to adjustment on the basis of its property

How do I fill out Form 982 in 2025?

Use the following form 982 instructions to prepare the document correctly:

1. Click the orange Get Form button at the top of the page.
2. Indicate your name and Identifying number in the first fillable fields on the page.
3. In Part I, provide general information about the total excluded amount and reasons for it. Click the checkboxes to select or deselect items.
4. Indicate reduction of tax attributes in Part II. Click on fillable areas and enter information. Navigate between fields using the Enter or Tab keys.
5. Fill out the blanks in Part III.
6. Select Done on the top right corner of the screen.
7. Choose the exporting method and click to get the file in your preferred format.

Is Form 982 accompanied by other forms?

A taxpayer should attach this record to their income tax return.

When is IRS Form 982 Due?

File this record with a federal tax return for the year a debt was forgiven. Usually, it is April 15.

Where do I send 982 forms?

File this document with a federal tax return and send it to the Internal Revenue Service office that serves your region. Taxpayers can find their offices on the IRS official website.

Video instructions and help with filling out and completing irs reduction

Instructions and Help about how to reduction tax

This message is brought to you by the Taxpayer Advocate service your voice at the IRS hello I'm Nina Olson the National Taxpayer Advocate we in the Taxpayer Advocate service are bringing you a series of consumer tax tips to help you understand some important tax issues you may be facing this series focuses on the issue of cancellation of debt if you have lost your home to foreclosure or had your credit card balances written off or your car repossessed you need to know about the tax consequences of cancellation of debt income if you've received a form 1099 C cancellation of debt in the mail please don't ignore it and hope the problem will go away the lender sends this form to you and the IRS reporting the amount of cancelled debt income you may not have to pay taxes on some or all of the cancelled debt, but you have to tell the IRS why your cancelled debt income is not taxable or else the IRS will treat it as taxable income to ask the IRS to exclude this amount from your income you need to complete form 982 reduction of tax attributes due to discharge of...

People Also Ask about form 982

What is Form 982 exclusion?

The IRS Form 982 is the reduction of Tax Attributes Due to the Discharge of Indebtedness. This form is used to determine under the circumstances described in section 108 the amount of discharged indebtedness that can be excluded from a person's gross income.

Who should file Form 982?

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 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) with your return.

How do I qualify for Form 982?

Form 982 - Reduction of Tax Attributes The debt is qualified farm debt (see chapter 3 of Publication 225 Farmer's Tax Guide) The debt is qualified real property business debt (see chapter 5 of Publication 334 Tax Guide for Small Business) You are insolvent or bankrupt (see Publication 908 Bankruptcy Tax Guide)

What is IRS Form 982 used for?

Form 982 is used to determine, under certain circumstances described in section 108, the amount of discharged indebtedness that can be excluded from gross income.

Do you have to file a 1099 C cancellation of debt?

File Form 1099-C for each debtor for whom you canceled $600 or more of a debt owed to you if: You are an applicable financial entity. An identifiable event has occurred.

How does Form 982 work?

Form 982 is used to determine, under certain circumstances described in section 108, the amount of discharged indebtedness that can be excluded from gross income.

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What is IRS 982?

IRS Form 982 is used to report the reduction of tax attributes due to the discharge of indebtedness (for example, debt forgiveness) and to claim the exclusion of discharge of indebtedness income from taxable income.

Who is required to file IRS 982?

Individuals, partnerships, corporations, and estates that have had debt discharged must file IRS 982 to report the cancellation of debt and any resulting tax attribute reductions.

How to fill out IRS 982?

To fill out IRS 982, you need to provide details about the discharged debt, specify the type of tax attributes being reduced, and calculate the amounts involved, based on the instructions provided for the form.

What is the purpose of IRS 982?

The purpose of IRS 982 is to ensure that individuals and entities can accurately report and manage the tax implications of debt forgiveness and the associated reduction of tax attributes.

What information must be reported on IRS 982?

The form requires reporting information such as the amount of discharged debt, identification of tax attributes affected, and details regarding how these changes will be reflected on future tax returns.