Form 982 – Reduction of Tax Attributes Due to Discharge

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Form 982 is used to report certain types of canceled debt that qualify to be excluded from your income. Normally, canceled debt is considered taxable, but under IRS Section 108, you may be able to exclude it. Form 982 also allows you to reduce certain tax attributes, like loss carryforwards, in exchange for this exclusion.

Most taxpayers only need to fill out a few lines. For example, if your discharged debt is from a credit card, car loan, or mortgage on your main home, use the chart in the IRS.

Add Form 982

To add the Form 982:

  1. Go to Federal Taxes.
  2. Click Review.
  3. Click I’d like to see the forms I’ve filled out or search for a form.
  4. Enter 982 in the search box and click on Form 982 – Reduction of Tax Attributes Due to Discharge to add and open the form.
  5. Enter your information and click Save.

Further Information

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state tax form tax credit tax deduction dependent health insurance refund irs form schedule k1 estimated tax tax return