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Form 982 Bend Oregon: What You Should Know

If your canceled debt was a qualified debt, and you received a negative Form 1099-C, report it on line 18 of Form 982 (see Refund of Taxes and Credits for Cancellation of Qualified Debt under the instructions for Form 982 (Rev. December 2021)). A discharge of an indebtedness (other than a qualified debt) used by a taxpayer to acquire, construct or substantially improve real property is not allowable as a reduction of a taxpayer's tax attributes for the year. See “Debts Used to Acquire, Construct or Improve Real Property” below for more information and exceptions. Form 982 — Reduction of Tax Attributes — Tax Act Eligible dischargeable debt reduced to zero does not reduce the amount of qualified debt (or of any other debt discharged during a year) that a taxpayer must include in income. See Pub. 4507 for details. Real Property: Cancellation of Debt and Foreclosure May 16, 2023 — You can report a cancellation of debt by completing line 10b of your federal income tax returns (see also Refund of Taxes and Credits for Cancellation of Qualified Debt under the instructions for Form 982 (Rev. December 2021)). To claim a week of benefits by phone, call the Weekly Claim Line at. Real Property: Cancellation of Debt and Foreclosure If you received Form 1099-C Cancellation of Debt and are eligible to exclude a canceled debt from your income, File Form 982  If your canceled debt was a qualified debt, and you received a negative Form 1099-C, report it on line 18 of Form 982 (see Refund of Taxes and Credits for Cancellation of Qualified Debt under the instructions for Form 982 (Rev. December 2021)). A discharge of an indebtedness used by a taxpayer to acquire a property (other than a property subject to the exception under the heading “Unused portion of a qualified mortgage loan” for which you may be entitled to deduct the interest, as described below) in a year is not allowable as a reduction of a taxpayer's tax attributes for the year. See Section 6662. See also Notice 2008-24, Exemption from Income Tax Withheld on the Release of Property for Cancelling Debt on the IRS website. Exceptions for Canceling a Debt Line 18a of Form 982 has two exceptions.

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