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Form 982 California San Bernardino: What You Should Know

Note: The IRS uses only the amount of the income earned, not your total income. Is Cancelling Debt Good?  Yes, cancelling debt does result in lower tax liabilities. It may be advantageous to pay off debts by paying off debt creditors as opposed to paying off the principal of the debts until they are all discharged. However, if you cancel your debt before all the debt is done discharge, then there is no amount of income that can be excluded from your federal tax return because of the debt. Debts to Which You May Not Deduct Income In general, any debt that does not qualify for discharge under Internal Revenue Code section 623 or 871 is not deductible.  Debts for Education You may be able to exclude education expenses that are not allowable as a deduction. However, if you received income from a student loan, see IRS Publication 970 to see if you could take a student loan refund. Borrowing against Your Home If you are “borrowing” against the value of your home, you and your spouse should enter the amount of home equity loans from banks, thrifts, etc., in your home loan and pay or write off those loans as you see fit. Your home is also your tax home. If you enter the entire interest paid or a partial interest payment into the home equity, then you may be able to exclude some or all of the interest income when you file your tax return. You can also cancel a loan and pay off the principal. If you cancel a mortgage before the loan is completely discharged, the bank must file a Form 1099-C that lists the adjusted basis in the home, and you have the option to include only the principal payment, the interest for that period, or the portion of the payment that was not excluded from income. Debits Over 600 If you have over 600 in delinquent California taxes, you have a choice of paying them or paying the amount by the Due Date: ▷ Pay on time by paying any interest due on the delinquent California tax(s) by the Due Date. If you do not, then the due date changes from the Payment Due Date to the Tax due date you set for the balance shown on the balance sheet. For further information on how delinquent taxes are treated in calculating your federal income tax obligations refer to IRS Publication 502.

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