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Instructions and Help about Example form 982 filled out
About in debt city according to new research Jacksonville residents have the second highest average credit card debt in the country and a warning this year for all those people who are in a financial hole and considering settling part or all of that debt your settlement could mean you have to pay more in taxes to Uncle Sam channel for Scott Johnson spoke to a local tax expert tonight Oh Mary is perhaps a bank is foreclosed on you or if you have credit card problems and you got that debt taken care of well you might think you're in the clear for a while well when tax season comes up you want to pay very close attention because you may have a huge problem you didn't even know about as foreclosures and credit card debt continue to surge in Jacksonville a lot of people are getting their debt forgiven or discharged and in the IRS's eyes they're getting free money or income and the IRS will tax you on it yeah that doesn't sound and some seems like something's getting ripped off or something nah it's not a rip off its tax law Ronnie Hicks at the tax defense network says a lot of people are coming to them after they received this in the mail a 1099-c form it's for discharged debt so hypothetically you could owe the IRS for that money for two hundred thousand dollar home it could easily be forty forty thousand fifty sixty thousand dollars no bill you getting the mouth and it could come any time and it's sometime down the road whether it's a month or a year two years it can get a bill in the mail says we didn't report all your income now you owe us so say this happens to you and you owe a lot of money well he tells me this form is what you'll need form number 98 to you might want to write it down that's 982 he says that can get you out of paying taxes on discharge deck you got to have the document you gotta file your return we've also got to include the form 982 to make the election to say yes this was my primary residence when it was foreclosed on I don't have to pay the taxes on it and that's what most taxpayers tell me they would do because if you're getting a debt wiped out you're likely already financially strapped wow really yeah I didn't know that you never heard that well if you had got a bill like that what would you I I really don't know I would really be devastated because I wouldn't have the money to pay it and a word of warning particularly in the case of foreclosures sometimes people leave their houses behind don't give the bank a forwarding address and then the bank never knows where to send this tax form to you so you don't even.