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Form 982 Carmel Indiana: What You Should Know

The relief from tax imposed when the taxpayer is discharged of tax or the liability of any other person as a result of the discharge is: Discharge of debt does not reduce payment of income tax which was already paid to the employer of the principal debtor. No relief is given to persons who pay tax under the tax bill (Form 1040) or which must be paid for prior years (Form 1040-ES). If the principal debtor in a nonbusiness disassociation agreement is not a person, there may be no relief under this paragraph The term discharge does not include: a. A reduction of tax attributable to the period the principal debtor was an active participant in a program of education, training, employment, training, relocation, or placement provided by the Department of Defense. b. A reduction of tax attributable to the period the principal debtor was a beneficiary under a program of education, training, employment, training, relocation, or placement provided by the Department of Veterans Affairs. Form 981, Payment of Qualified Deferred Compensation, Dec 18, 2023 — Notice on Form 981 for payment of qualified deferred compensation payments. NOTE: The federal Form 981 payment is not a discharge of qualified deferred compensation payments. Form 988, Report of Qualified Farm Property Assessed under the Real Property Tax Code or the Section 531 Real Property Rent and Use Tax Law, Dec 16, 2017: Notice of Assessment on Form 988 of an agricultural qualified farm property (farm) loss due to a nonbusiness disassociation. The Form 988 is not considered a discharge for any taxable year in which the taxpayer is or will be a qualified principal residence, and may not be used to reduce the taxes assessed by the municipal government. If the taxpayer is not a qualified principal residence, the Form 988 should not be considered a discharge because the interest deduction from the loss is not available. The taxpayer's loss of interest deduction as a result of a loss of principal residence is taxable income.  Notice of Assessment on Form 988 for Real Property. An assessment for real property is a real property tax. A nonbusiness real property disassociation is a loss that may reduce the basis of the tax-exempt property where the taxpayer is a qualified principal residence. The loss of gross receipts from interest or royalties on qualified farm property is excluded from income under section 1361.

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