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How does Form 982 work?

IRS Form 982 - Reducing Tax Attributes of Depreciable Property for Cancelled Debt is used to determine the amount of debt forgiveness that can be excluded from gross income. To use this form and potentially reduce your tax liability, you must meet one of the following criteria: Qualified farm indebtedness.

What is insolvency for cancellation of debt?

A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the insolvency exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent.

What is excluded from qualified principal residence indebtedness?

Overview. The discharge, before January 1, 2026, of Qualified principal residence debt is excluded from gross income. Qualified principal residence debt is any debt incurred by the borrower to purchase, build, or substantially improve the borrowers principal residence.

How do I exclude cancellation of debt from taxation?

To show that your debt was canceled in a bankruptcy case and is excluded from income, attach Form 982 to your federal income tax return and check the box on line 1a. Lines 1b through 1e dont apply to a cancellation that occurs in a title 11 bankruptcy case.

How do you exclude cancellation of debt?

If you meet the requirements for excluding your cancellation of debt, you may exclude the applicable amount from income. 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.

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What form do I use for 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 do I report a 1099-C cancellation of debt?

While you dont have to file the 1099-C, you should use it to prepare and file your income tax return. In some cases, your forgiven debt is taxable and in some its not. When it is taxable nonbusiness debt, youll use the copy of the 1099-C to use to report it on Schedule 1 of Form 1040 as other income.

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