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Form 982 Pearland Texas: What You Should Know
Income, interest, or capital gains, and then claim the exclusion in the year the discharge is determined or, if the discharge date was more than one-half the year, in any other taxable year in which the discharge is determined; The amount of any credit, refund or credit offset under this income tax, tax treaty, other tax code, or state law on any debt discharge due to that discharge is also excluded; If you receive the exclusion in the taxable year in which the discharge is determined, the exclusion will be treated as having been received in the first taxable year for which your discharge has been received; or, The tax paid to any government on the discharge is also exempt; or, If you have completed the exclusion in a year of a discharge to which Section 108(a) applies, your loss will be offset against the amount of any credit, refund, or credit offset received. The amount of any credit, refund, or credit offset will not be included in your taxable income unless it is received in excess of the exclusion amount. You can file Form 982 for the exclusion of any discharge if you qualify for this exclusion. The exclusion is in lieu of any exclusion that would otherwise be allowed to you by this chapter. The exclusion is not available to individuals who received any credit, refund, or credit offset. It is not available to people who incurred income tax, other government, or state tax liability for prior years due to discharge of an obligation incurred after December 21, 2016. If you file Form 982 using paper forms due December 31, 2019, you'll file online by February 9, 2020. Dec 21, 2023 — Pearland's credit to the IRS increased: Credit: 0.3% of the amount of debt discharged. The tax-year amount of discharge credit is 3,600. The tax return credit is 1,100 on the portion of discharge of tax that results in a tax liability.
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