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Form 982

Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness: A form attached to an income tax return indicating to the Internal Revenue Service any offset to cancellation of debt via Form 1099-C. If the cancellation of debt meets any of the legally allowed exclusions or some of the exceptions, this form is filed to identified the calculated offset to the cancellation of debt as income and any adjustment to basis of retained physical assets.

Form 1099-C: Cancellation of Debt

06/16/2014

If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’  Well, the answer is ‘it depends’.  Not what you want to hear but there is a lot of variables involved in answering this question.  [...]