Sample of completed form 982 for insolvency 2026

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The document is a worksheet for assessing insolvency, detailing the total liabilities and fair market value of assets immediately before debt cancellation. It includes sections for listing various types of debts and assets, ultimately calculating the amount of insolvency by subtracting total assets from total liabilities.

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Begin with Part I, where you will list your total liabilities immediately before cancellation. Fill in each category, such as credit card debt and mortgage amounts, ensuring not to duplicate any liabilities.
Proceed to Part II, which requires you to assess the fair market value (FMV) of your assets. Enter values for items like cash balances and properties, again avoiding duplication across categories.
In Part III, calculate your amount of insolvency by subtracting the total FMV of assets (line 39) from your total liabilities (line 17). If the result is zero or less, it indicates that you are not insolvent.

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form 982 pdf

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