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Form 982 Indianapolis Indiana: What You Should Know
The IRS says you may be able to exclude from income only the portion of the discharge of indebtedness that relates to the property that's in the property. For example, if you have just finished repossessing your house, and you're planning on selling the real estate, you may not be able to take in the gross income of about 1,200 in real estate taxes, utilities, and other related costs unless you file Form 982. If you do, any part of your discharge of indebtedness in which you receive money or property that corresponds to the portion of the property you've sold may be excluded from gross income as well. You can exclude from income any portion of your discharge of indebtedness for which you get a return of property, or any portion of your discharge of indebtedness that was qualified in the first place due to a qualified first lien on the property, as explained in Form 3121 (PDF). For more information about Form 3121, qualified first lien on property, call the Law Office of Steven P. Taylor at. You may want to contact your tax preparer to ask if they recommend you use Form 982 or 3121 to satisfy the discharge of income exclusion. Taxes on Unused Income You may owe taxes on the unused portion of any income for the following tax years: 2015 2016 2017 2018 2019 If you paid the taxes for any of the years listed above but received a refund of those taxes for those years, these refunds may count the same as income for purposes of the exemption described in section 104(a)(1)(A). If you received a refund for any year listed below, this amount would not be considered income to you or the debtor under section 104(a)(1)(A) because it didn't constitute repayment of the principal for purposes of the debt discharge. If you get an increase in your payment on your taxes due to any increase in your income, you'll have to use Form 4868 and make Form 3116, Additional Income, to get the full amount of the refund from the state of Indiana (unless your state has a credit for refunded federal, state and/or local taxes) If you get a decrease in your payment on your taxes due to any decrease in your income, you can file Form 4868 again to get the amount of the decrease.
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