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What is a 982 form?

Form 982 is for individuals who need to report the exclusion of income from canceled debt. This is important for taxpayers who have had their debt forgiven or canceled and might otherwise have to pay taxes on this amount as if it were income. By filling out Form 982, eligible taxpayers can avoid being taxed on this canceled debt, making it a crucial step for those in situations like foreclosure, loan modifications, or debt settlements.

What is a 982 form used for?

Form 982 is vital for taxpayers dealing with specific financial adjustments. Here's what it's used for:

  • To report the exclusion of forgiven debt from income.
  • To reduce tax attributes due to discharge of indebtedness.

How to fill out a 982 form?

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  1. 1

    Start by entering your personal information, including your name, address, and SSN.

  2. 2

    In the section labeled "Description of Debt", describe the debt you're excluding from your income.

  3. 3

    For the "Part I – General Information" section, fill out the required fields about the debt.

  4. 4

    Complete "Part II – Insolvency" if applicable, by listing your liabilities and assets.

  5. 5

    Sign the form using an electronic signature if the form accepts this type of signature.

  6. 6

    Review all information for accuracy before downloading the document.

Who is required to fill out a 982 form?

Form 982 is primarily filled out by taxpayers who need to report the exclusion of forgiven debt from their taxable income. This includes individuals and businesses facing debt forgiveness.

The IRS uses Form 982 to assess the correct amount of taxable income following debt forgiveness, ensuring accurate tax liability.

When is a 982 form not required?

Form 982 is specifically designed for taxpayers dealing with debt forgiveness or cancellation. If you haven't had any debt forgiven or canceled during the tax year, you won't need to complete this form.

Individuals or businesses that have not engaged in transactions that result in the cancellation of debt, such as a settled debt for less than the amount owed, are not required to use Form 982. This makes it irrelevant for those who haven't faced financial situations leading to debt cancellation.

When is a 982 form due?

The deadline for Form 982 is the same as your tax return due date, typically April 15th of each year.

If you request an extension for your tax return, the due date for Form 982 extends to October 15th. Remember to submit it alongside your tax return to ensure compliance with IRS requirements.

How to get a blank 982 form?

To get a blank Form 982, visit our website where the template is pre-loaded in our editor, ready for you to fill out. No need to download the template, just start filling it out directly on our platform. Remember, while we help you prepare the form, we don't assist with filing it.

How to sign 982 form online?

To sign Form 982 online, start by opening the form in PDF Guru's editor. Fill out the necessary information as required.

After completing the form, use PDF Guru to create a simple electronic signature. This signature can be added to the document before downloading it for your records.

Where to file a 982?

Form 982 is submitted by mail, as it accompanies your tax return. It cannot be filed online independently.

This form helps report the exclusion of forgiven debt from income.

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Frequently asked questions

  • When is Form 982 required?

    Form 982 is required when you need to report the exclusion of income from the cancellation of debt, which can occur in situations such as a foreclosure, mortgage restructuring, or if a creditor is unable to collect the debt and cancels it. This form helps you demonstrate to the IRS why you shouldn't be taxed on the cancelled debt.

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