Form 982 2017-2025

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Form 982 is used by taxpayers to report the reduction of tax attributes due to the discharge of indebtedness, including various types of debt relief such as insolvency and qualified farm or real property business indebtedness. The form requires details about the discharged amounts and their impact on gross income, tax credits, and property basis adjustments. It must be attached to the taxpayer's income tax return.

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Click ‘Get Form’ to open it in the editor.
Begin with Part I, where you will provide your identifying number and name as shown on your return. Check the applicable box for the reason behind the discharge of indebtedness.
In line 1, enter the total amount of discharged indebtedness that is excluded from gross income. Proceed to answer whether you elect to treat all real property as depreciable property.
Move to Part II, where you will indicate how the discharged amounts apply to reduce various tax attributes such as general business credit carryovers and net operating losses.
Complete any necessary calculations for basis reductions in lines 10a and 10b, ensuring you follow the specific instructions provided for each section.
Finally, review your entries for accuracy. You can print, download, or share your completed form directly from our platform.

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Versions	Form popularity	Fillable & printable
2018	4.7 Satisfied (41 Votes)
2017	4.2 Satisfied (146 Votes)
2016	4.2 Satisfied (52 Votes)
2013	4.4 Satisfied (50 Votes)
2011	4 Satisfied (55 Votes)
1993	4.4 Satisfied (57 Votes)

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What is a 982 tax form 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.

What is excluded from total income to obtain net income?

Your net income is your total income for the year (from all sources, such as employment, RESPs, retirement income, benefits, etc.) minus your allowable deductions (such as RRSP contributions, childcare expenses, moving expenses, etc.) What is net income? - HR Block HR Block en-ca Content FAQs W HR Block en-ca Content FAQs W

Who must file form 8992?

You must file Form 8992 if you: Are a U.S. shareholder (individual, corporation, or certain trusts and estates) who directly, indirectly, or constructively owns at least 10% of the total vote or value of a controlled foreign corporation (CFC) at any point during the tax year.

What income can be excluded with form 982?

Discharge of qualified real property business indebtedness However, the cancellation of debt must be reported to you and the IRS on Form 1099-C. You could then exclude the cancellation of debt with Form 982.

Where do I get form 982?

File IRS form 982 with your 1040 income tax form. The form is located at the IRS website here: . Simply list the dollar amount shown on the 1099c and indicate 1. (b) on the 982 form that you are insolvent.

What is excluded from cancellation of debt income?

EXCEPTIONS to Cancellation of Debt Income: Amounts canceled as gifts, bequests, devises, or inheritances. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers. Canceled Debt - Is It Taxable or Not? - TaxAct TaxAct support canceled-debt-is-it-ta TaxAct support canceled-debt-is-it-ta

What are three examples of income that is excluded from IRS reporting?

disability retirement payments from an employer-paid plan. sickness and injury payments from an employer-paid plan. property and services for which you bartered. money and income from offshore accounts. Taxable Income vs. Nontaxable Income: What You Should Know TurboTax - Intuit tax-tips irs-tax-return tax TurboTax - Intuit tax-tips irs-tax-return tax

What is excluded from income?

The income exclusion rule sets aside certain types of income as non-taxable. There are many types of income that qualify under this rule, such as life insurance death benefit proceeds, child support, welfare, and municipal bond income. Income Exclusion Rule: What it is, How it Works - Investopedia Investopedia terms identified-shares Investopedia terms identified-shares

Form 982 2017-2025

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The easiest way to edit Form 982 2017 in PDF format online

See more form 982 2017 versions

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Got questions?

What is a 982 tax form used for?

What is excluded from total income to obtain net income?

Who must file form 8992?

What income can be excluded with form 982?

Where do I get form 982?

People also ask

What is excluded from cancellation of debt income?

What are three examples of income that is excluded from IRS reporting?

What is excluded from income?

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Form 982 2017-2025

Here's how it works

The easiest way to edit Form 982 2017 in PDF format online

See more form 982 2017 versions

Complete this form in 5 minutes or less

Got questions?

What is a 982 tax form used for?

What is excluded from total income to obtain net income?

Who must file form 8992?

What income can be excluded with form 982?

Where do I get form 982?

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People also ask

What is excluded from cancellation of debt income?

What are three examples of income that is excluded from IRS reporting?

What is excluded from income?

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