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Form 982 for Palmdale California: What You Should Know

A discharge a portion of tax attributes because of the following: You paid a debt off, even though it was never discharged You paid for a qualified education loan You had a tax credit for the period of time in which you would have owned the property if you had never held the property. In certain circumstances, such as if you owned and subsequently sold the property, file Form 982 to reduce the amount you paid. The amount you paid is taxable to you. However, if a tax deduction was claimed or if you meet the filing requirements of the California exclusion, you may not be required to file a Form 982 and may not receive a Form 982 exclusion from the gross income of the discharge. In some cases, you may also be eligible to receive a waiver of penalties for filing a Form 982 or for claiming a tax credit on the basis of claiming the discharge. If not filing under the exemption, you may receive a reduced amount of the tax you owed at tax time in addition to being allowed a credit to your gross income on Form 1099-C. You should file a Form 982 to claim this credit and not to claim a reduction of tax attributes. You will be able to claim this credit only for the taxes for the tax year in which you received the discharge, if you were subject to California income tax at that time. Furthermore, you should file Form 982 to claim and collect the federal income tax credit on your federal tax return. Also see IRS Publication 929, Cancellation of debt, which contains more information on Form 982.

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