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Instructions for IRS Form 982
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Instructions for IRS Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (And Section 1082 Basis Adjustment)
This document contains official instructions for IRS Form 982 , Reduction of Tax Attributes Due to Discharge of Indebtedness (And Section 1082 Basis Adjustment) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 982 is available for download through this link.
FAQ
Q: What is IRS Form 982?
A: IRS Form 982 is used to report the reduction of tax attributes due to the discharge of indebtedness.
Q: What is the purpose of IRS Form 982?
A: The purpose of IRS Form 982 is to notify the IRS that you are excluding canceled debt from your taxable income.
Q: When should I use IRS Form 982?
A: You should use IRS Form 982 if you had a debt cancelled or forgiven and you want to claim an exclusion from taxable income.
Q: What is a reduction of tax attributes?
A: A reduction of tax attributes refers to the decrease in certain tax benefits or deductions that can occur when debt is forgiven.
Q: What is Section 1082 basis adjustment?
A: Section 1082 basis adjustment refers to the adjustment made to the basis of property when debt is discharged.
Q: Are there any requirements for filing IRS Form 982?
A: Yes, you must meet certain eligibility criteria to be able to exclude canceled debt from your taxable income and file Form 982.
Q: Do I need to attach any supporting documents with IRS Form 982?
A: Yes, you will typically need to attach any relevant Form 1099-C or other documents that show the canceled debt amount.
Q: Is there a deadline for filing IRS Form 982?
A: The deadline for filing IRS Form 982 depends on your individual tax situation and the specific tax year in question. It is usually filed along with your federal income tax return for that year.
Q: Can I file IRS Form 982 electronically?
A: Yes, you can file IRS Form 982 electronically if you are e-filing your federal income tax return.
Instruction Details:
- This 4-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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