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Form 982 Illinois Cook: What You Should Know

A county taxpayer eligible for this tax reduction must provide proof to show that, for the taxable year and prior to one, the indebtedness amount was reduced in whole or in part because of a failure to file a Federal tax return. Instructions for Form 982 Illinois Cook County (Rev. Dec. 2021) — IRS Oct. 2023 — Taxpayers in Illinois, Florida and Mississippi will have to complete Form 982 for years in the future that qualify for a reduction of tax attributes attributable to discharge of indebtedness if the taxpayer files a joint return for the  indebtedness amount reduced if he or she filed a joint return for the year that the indebtedness amount was reduced due to an income tax failure. The reduction of the federal tax attributes of an Illinois taxpayer who files a joint return for a year subject to  discharge, is provided by applying the Internal Revenue Code (IRC) section 1082 Basis Adjustment (Inst. 982) to the federal tax attributes of the taxpayer who filed a joint return for the year that the discharge of the debt occurred. Instructions for Form 982 Tax Attributes Due to Discharge of Indebtedness — Internal Revenue Taxpayer's Office. A county taxpayer eligible for this tax reduction must provide proof to show that, for the applicable tax year and subsequent years, and prior to  discharge, the debtor was the debtor. The IRS says that for each year and subsequent year, where an Illinois taxpayer who qualifies for this tax reduction has filed a single tax return, the tax attributes can be reduced  with Internal Revenue Code section 1082 Basis Adjustment (Inst. 982) with any other applicable federal tax attributes that are attributed to the taxpayer by section 1082 and in effect during the tax year that a discharge of the debt occurred. Instructions for Form 982, Reduction of Tax Attributes Duet Discharge of Indebtedness, Internal Revenue Taxpayer's Office.

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