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Sample 982 is used by US taxpayers to understand the amount of the owed debt to be excluded from the gross income. This is possible only under the circumstances described in section 108. Mind that the amount eligible for exclusion is related only to debts that were owed after 2006.

What Does Form 982 Look Like?

The template is three sections long and has multiple checkboxes. You can fill it out both online and on paper. Start with the personal data - name and ID. Next, shift to Part 1 and prbasic information about the owed debt. Part 2 relates to the reduction of tax attributes. Part 3 is about the Corporation’s Consent to Its Property Adjustment. Do not forget to date and sign the form before the submission.

When Must a Taxpayer Prepare Form 982?

The blank is filed once a year with the federal tax return for the year it relates to. Taxpayers should usually submit the template if they get the 1099-C Sample. This blank reports on the cancellation of debt. In this kind of situation, they need to submit the 1099-C Blank together with it. If you didn’t make any elections while filing, you can still make them by filing an amended template within half-year’s time.