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Video instructions and help with filling out and completing Form 982 chapter 13
Hello today I'm going to focus on iris forms and publications once again and I'm going to be looking at cancellation of debt income specifically IRS Publication 46 81 canceled debts foreclosures repossessions and abandonments for individuals and IRS Form 9 to the duction of tax attributes due to discharge of indebtedness and section 10 82 basis adjustment welcome to tax justice warriors the podcast that celebrates the work of low income taxpayer clinics focuses on tax controversy work and looks at related issues in tax news I'm your host William Schmidt the director of the low income taxpayer clinic at Kansas legal services publication 46 eighty one deals with cancellation of debt cancellation of debt income is a possibility for people who have loans cancelled because a person may not be able to pay them back because of reasons like insolvency or disability the publication gives definitions for qualifying debts being personally liable or an applicable entity but I wanted to prsome examples like car loans student loans and mortgages those may fall under a cancellation of debt income but generally if you are receiving a 1099 C then you need to be looking at whether that is cancellation of debt income that needs to be included on your tax return now to begin with publication 46 81 has quite a bit listed in there I'm not going to be covering everything in depth there is quite a bit to unpack in publication 46 81 it starts with cancelled death listing the general rules touching on form 1099 C discounts and loan modifications sales or other dispositions such as foreclosures and repossessions abandonments or stockholder debt then it moves on to exceptions these are items that would not be included in cancellation of debt so a person should know be receiving a form 1099 see these are gifts bequest devices and inheritances those are items that should not be included as cancellation of debt income student loans for that are forgiven for public service those should not be treated as cancellation of debt income and then it talks on the deductible debt price reduced after purchase and Home Affordable Modification Program if any of these apply to you definitely read them in depth I'm not going to be covering them then there are items that are exclusions these exclusions are items that make a cancel debt non-taxable so just going down the list bankruptcy insolvency qualified farm indebtedness qualified real property business indebtedness or a qualified principal residence indebtedness these are various items that may be non-taxable for the cancellation of debt income so it is worth looking through those to be sure that they qualify so one example is bankruptcy it speaks about title 11 bankruptcy cases but people are familiar with the specific chapters such as chapters 7 11 13 possibly 12 those might apply to you if you are needing to report an exclusion that was listed in your bankruptcy you would use form.