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982 chapter 13 Form: What You Should Know

Reducing the value of dischargeable debt under Title 11 Reducing value of dischargeable debt under Title 11.

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Video instructions and help with filling out and completing Form 982 chapter 13

Instructions and Help about Form 982 chapter 13

Hello, today I'm going to focus on iris forms and publications once again. I'm going to be looking at cancellation of debt income, specifically IRS Publication 4681 - Canceled Debts, Foreclosures, Repossessions, and Abandonments for Individuals, and IRS Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness and Section 1082 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 4681 provides information about cancellation of debt. Cancellation of debt income is a possibility for people whose loans are cancelled because they are unable to repay them due to reasons like insolvency or disability. The publication gives definitions for qualifying debts, personal liability, and applicable entities. Examples of qualifying debts include car loans, student loans, and mortgages. These debts may fall under cancellation of debt income. If you receive a Form 1099-C, you should determine whether it represents cancellation of debt income that needs to be included on your tax return. Now let's dive into the details of Publication 4681. I won't be covering everything in depth, as there is a lot to unpack. The publication starts with an overview of cancelled debt, providing general rules and touching on Form 1099-C, discounts and loan modifications, sales or other dispositions (such as foreclosures, repossessions, and abandonments), and stockholder debt. It then moves on to exceptions, which are items that would not be included in cancellation of debt income. Exceptions include gifts, bequests, devices, and inheritances. These items should not be included as cancellation of debt income. Student loans forgiven for public service should also not be treated as cancellation of debt income. The...