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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

What is a "discharge of qualified principal residence indebtedness"?

in a title 11 bankruptcy case, you must apply the bankruptcy exclusion rather than the exclusion for qualified principal residence indebtedness. If you were insolvent immediately before the cancellation, you can elect to apply the insolvency

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

of cancelled debt can be excluded from income? You can only exclude the amount of debt equal to the extent that you were insolvent. To locate Form 982 within our program go to: 1. Income 2. Other Income 3. Less Common Income 4. Cancellation

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

. Other Income 4. Cancellation of Debt Form 1099-C 5. Exclusions (Form 982) For more information, please review Publication 4681 and Form 982.

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

the debt, you generally must include the amount of cancelled debt in your income. However, if it was a discharge of real property business indebtedness, the debt generally does not have to be added to your return as income. For more

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

here. From within your account, go to 1. Federal Section 2. Enter Myself 3. Other Income 4. Cancellation of Debt (1099-C, Form 982) 5. Exclusions (Form 982)

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

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

What is Form 1099-C? 1099-C: Discharge of Indebtedness Publication 4681

What forms and schedules do you support?

Deduction Form 8910 - Alternative Motor Vehicle Credit Form 8917 - Tuition and Fees Deduction Form 8949 - Sales and Other Dispositions of Capital Assets Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness Form W-2G

Other Income

* Foreign Earned Income (Other Compensation) and the Exclusion (Form 2555) * Payments from Qualified Education Programs (1099-Q) * Cancellation of Debt (1099-C, 1099-A, 982) * Installment Sale Income (Form 6252) * Sale of Business Property