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Printable Form 982 High Point North Carolina: What You Should Know

A non-profit organization that helps homeowners and renters in Western, Central, North and South Carolina. Call or visit 1045 South Main Street in High Point, NC 28781. See or dial. This is the official office address for The Arc of North Carolina. Form 982 is used to determine, under certain circumstances described in section 108, the amount of discharged indebtedness that can be excluded (e.g., foreclosure and the cancellation of debt for bankruptcy). The amount in the calculation is equal to net amount includible in income for the year. Also, if the property was held in trust, the property must meet certain restrictions. There are two possible sources of income on the line to the left of discharge amount. You do not need to calculate only the reduced amount of income you are reported on Form W-2. You may report the taxable income from the trust as income under section 3121 of the Internal Revenue Code. However, you must allocate your share of the income allocated to you under section 3121 to the total income or loss on the Form 982. For tax purposes, we will treat your taxable income from the trust as taxable income under the tax code section at which you incurred the loss. For further information on the net amount includible in your income on Form 982, see Pub. 946, Survivors and Dependents' Guide, and Form 2441, Certificate of Dissolution of Marriage. About Form 989, Tax on Property, Interest and Other Earned Income Dec 7, 2023 — Form 989. • Nonprofit organization For taxable years in which a non-profit organization has gross receipts of over 500,000 and the non-profit group received payments of over 25,000 from any one individual, it must file Form 989 on Schedule A. The group does not have to use Schedule B. Group name: Non-profit organization. Gross receipts: 500,000 or less. Payee name: Non-profit organization. Total payments: 25,000 or more. If the group files Schedule B, see Form 1120, Employer's Taxes. For tax purposes, we will treat your taxable income from the payments you made as income under the tax code section at which you incurred the loss. For further information, see Publication 945, Survivors and Dependents' Guide, and Publication 606, Tax Guide for Children.

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