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Can I exclude my cancellation of debt from my income?

the cancellation of indebtedness if it was a: 1. Discharge of qualified principal residence indebtedness 2. Discharge of indebtedness in a title 11 case 3. Discharge of indebtedness to the extent insolvent (not in a title 11 case) 4

Form 982: What is a "discharge of indebtedness to the extent insolvent"?

indebtedness. What does it mean to be insolvent? You were insolvent if the total amount of all debts (your liabilities) were more than the fair market value (FMV) of all your assets immediately before the discharge. For more details on what

Form 982: What is a "discharge of qualified farm indebtedness"?

to your investment in the property If the person who released you from the debt was any of those, you do not qualify to exclude that debt. The cancellation of debt must be included in your income. A qualified person includes any federal, state

Form 982: What is a "discharge of qualified principal residence indebtedness"?

residence indebtedness exclusion. If your debt was discharged due to a title 11 case, click here . If you were insolvent immediately before the cancellation, you can elect to apply the insolvency exclusion instead of the of applying

Form 982: What is a "discharge of qualified real property business indebtedness"?

income? The amount that may actually be excluded from income is subject to a few limitations to discharge of real property business indebtedness. Please click here to review the exclusion limit from Publication 4681. For more information

Form 982: What is a "discharge of indebtedness in a title 11 case"?

in a title 11 bankruptcy proceeding. For additional information about the Reduction of Tax Attributes Due to Discharge of Indebtedness or Form 982, please click here.

What is a Form 1099-C? Cancellation of Debt (View a sample form)

to: * Federal Section * Income (Enter Myself) * Other Income * Cancellation of Debt Form 1099-C, Form 982 Please note that there are certain circumstances when you can exclude the cancelled debt from your income. For information about

Form 1099-A : Acquisition or Abandonment of Property

is Form 1099-C? 1099-C: Discharge of Indebtedness

How do I report a 1099-A form? (1099-A)

544 for Abandonments, Foreclosures and Repossessions What is Form 1099-C? 1099-C: Discharge of Indebtedness Publication 4681

What forms and schedules do you support on TaxSlayer Web?

Reduction of Tax Attributes Due to Discharge of Indebtedness Form W-2G Gambling Winnings Form 8965 Health Coverage Exemptions Form 8962 Premium Tax Credit Click here to view this on our webpage.