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

If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income. However, if the discharge of indebtedness occurred while you were insolvent, the debt

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

If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income. However, if it was a discharge of qualified farm indebtedness, the debt generally does

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: Reduction of Tax Attributes Due to Discharge of Indebtedness - General Information

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 qualified real property business indebtedness"?

as to the amount that you can actually exclude from income due to a discharge of real property business indebtedness. First, you cannot exclude more than the excess of the outstanding principal amount of the debt ( immediately before the cancellation

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

If you had debt cancelled and are no longer obligated to repay the debt, you generally must include the amount of cancelled debt in your income. However, if the discharge of indebtedness occurred as a result of a title 11 case, the debt

1099-C: Discharge of Indebtedness. What is this form and what do I do with it?

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

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

A Form 1099-C is received when you have a debt (home, credit card, student loan, etc.) cancelled. This happens when you receive money initially but are not required to pay all or an amount back to the borrower. Because you are not paying the debt back, the IRS considers the amount as taxable income, and it must be reported on your return. However, there are certain circumstances when you can exclude the cancelled debt from your income. For information about these circumstances, click here . To view a sample of Form 1099-C, click here.

Form 1099-A : Acquisition or Abandonment of Property

the Federal section select Income >> Enter Myself >> Other Income >> Cancellation of Debt (1099-C). Certain lenders who acquire an interest in property that was security for a loan or who have reason to know that such property has been abandoned

Other Income

will be reported to you on Form 4797, Form 6252, W-2G, Form 2555, Cancellation of Debt, K-1 Earnings statement and other income not reported elsewhere.