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How to complete any Form 982 online:
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Video instructions and help with filling out and completing Form 982
Instructions and Help about Form 982
This message is brought to you by the Taxpayer Advocate service your voice at the IRS hello I'm Nina Olson the National Taxpayer Advocate we in the Taxpayer Advocate service are bringing you a series of consumer tax tips to help you understand some important tax issues you may be facing this series focuses on the issue of cancellation of debt if you have lost your home to foreclosure or had your credit card balances written off or your car repossessed you need to know about the tax consequences of cancellation of debt income if you've received a form 1099 C cancellation of debt in the mail please don't ignore it and hope the problem will go away the lender sends this form to you and the IRS reporting the amount of cancelled debt income you may not have to pay taxes on some or all of the cancelled debt but you have to tell the IRS why your cancelled debt income is not taxable or else the IRS will treat it as taxable income to ask the IRS to exclude this amount from your income you need to complete form 982 reduction of tax attributes due to discharge of indebtedness and attach it to your return the tax rules about cancellation of debt income are complicated so to learn more about what steps to take you need to either read up about it yourself or go to a qualified tax advisor if you want to learn the rules yourself look over IRS Publication 46 81 canceled debts foreclosures repossessions and abandonments which you can find on the IRS website at www.opm.gov/tribalprograms Music member if you don't complete an attach form 982 to your return the IRS will treat your cancellation of debt income as taxable and you will owe taxes on that amount again you must file Form 982 with your return to claim the exclusion getting an exclusion is not automatic you can get help by calling the IRS at one eight hundred eight to nine 1040 or by visiting one of the taxpayer assistance centers located throughout the nation the tax treatment of cancellation of debt income is very complex and you might also consider seeking professional help when faced with this issue Volunteer Income Tax Assistance or Vita sites can help with return preparation including form 982 if you had cancelled debt because you lost your home to foreclosure the IRS is taxpayer assistance centers can help with return preparation for most other exceptions for cancellation of debt income I hope this information helps but if you have a tax problem that is causing financial difficulty or significant cost or you have tried to resolve your issue through normal IRS channels and have gotten nowhere or you believe an IRS system or procedure just isn't working as it should you can come to the Taxpayer Advocate service we're independent within the IRS so our people know the system and can help you navigate it we.