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Spokane Valley Washington Form 982: What You Should Know

In a taxable year that you  received a Form 1099-C for a cancelled debt, you do not owe tax on the amount of that debt in the taxable year the debt canceled. You must file Form 982 for those tax years you received the cancellation of  the debt. However, you can exclude this amount from your income for the tax year the cancellation occurs. You must file Form 982 for each year you received a Form 1099-C  for canceled debt. You must also be filing a separate tax return for yourself (or your husband) that year. If you are  cancelling debt in the same year the loan was discharged, attach Form 982. If you are cancelling in a subsequent year  in which the loan is canceled, attach a report by the creditor identifying the canceled debt. If you are canceling debt in a  preliminary year, prepare a Form 982 for each taxable year you received a Form 1099-C for cancelled debt  and attach it to the Form 1040 you filed. See Canceling a Loan. If you are  cancelling a debt in a year after your discharge, attach an acknowledgment form issued  by the creditor identifying all the amount of debt that was canceled. If you are canceling a debt in a year after your discharge, attach a report by the creditor identifying  the canceled debt. If you are canceling in a subsequent year, prepare a Form 982 for each  tax year you received a Form 1099-C for cancelled debt, and attach it to the Form 1040  you filed. If you are cancelling a debt in a year after the tax year of discharge, prepare a Form 982 for each  tax year you received a Form 1099-C for cancelled debt, and attach it to the Form  1040 you filed.

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