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Form 982 online Nashville Tennessee: What You Should Know
Report the mortgage interest, as well as any other interest deductions, as normal if they are not in excess of 7.5% of their basis, the maximum allowed under state law. See FAQs for more information. Filing of Form 1099-C with the IRS | Tax Notes Discharge of Indebtedness 6 Sept 2024 — For information and instructions on the Form 982 (6/23/17) and Form 1099-C (7/10/17), click here. Discharge or cancellation of indebtedness is not a tax-free adjustment.  Canceled indebtedness cannot be used to reduce or eliminate any tax, the amount of which is dependent on all other taxpayers and income. The amount will be reported on Form 1099-C and treated in the same manner as interest income. In situations where indebtedness does not include interest-only interest, the IRS would require that the lender issue a Certificate of Cancellation of Mortgages, before the Form 1099-C can be used to reduce the amount reported on the income tax return.  Questions? Please email us at questions.tn.gov. Click here for our Customer Inquiry Form. The Office of the Tennessee Tax Commissioner is located at P.O. Box 467, Nashville, TN 37. TNS.TN.
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