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Form 982 online Elk Grove California: What You Should Know

You are an individual who is not a citizen or resident of the United States and had a debt canceled under the discharge section. Excluded Amounts — Amounts that become includable in gross income include debt discharged in bankruptcy or under section 641, 642, 645 or 714 (other than section 714), section 1103, section 112, section 123, chapter 1621, or chapter 1531, except that in no event may debt discharge be made for certain debts as defined in section 152(f). Amounts excluded from gross income are subject to the 10 percent additional tax. Note that a canceled debt does not become deductible when you file your income tax return for the income tax year you incurred the debt and are subject to tax. See the following: Cancellation — Canceled debt includes a claim for cancellation. (Code of Civil Procedure section 1175.5) Reduction — Amounts canceled under either section 1175.6 or section 1175.7 may be excluded. Note: If you are not an individual and canceled your own debt (such as by refinancing), you cannot make a claim for cancellation under section 1175.6 or section 1175.7. How to Claim the Cancellation of Debts Through the 1040 Instructions If either Form 1094 or Form 2106 has been issued, claim the reduction under either of those forms (e.g., claim in Form 1094 or claim in form 2106) Pay any portion of the canceled debt that remains within the 10 percent additional tax to which you are subject. Note that 10 percent is the tax applicable to any such amount. Income — If you have filed a Schedule C but have no more than one canceled debt, claim the reduction for each canceled debt under section 1103 or 112, including the one remaining on your gross income for the tax year. If you have filed a Schedule C but have two or more canceled debts, claim the reduction for each canceled debt under any applicable sections. If you have filed a Schedule C, you can claim section 642 and 645 exclusion against debt that is not subject to discharge through section 1103, 112, or section 120. How to Reduce or Exclude Taxable Interest on Unfavorable Debt Amounts that become taxable Note: Interest on debt that is not excluded becomes taxable as interest to the extent of the exclusion.

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