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Form 982 MS: What You Should Know
How to cancel a debt In general, cancellation of debt is as simple as putting in the amount of debt being cancelled in box (1), and then entering the amount of debt that is being cancelled, and then canceling the debt. When cancelling a debt, your credit card, mortgage, and car loan will most likely have to be cancelled individually. How to cancel debt after a default Now that you know how to cancel a debt, you need to put some stuff in box (2) if you are cancelling a debt because you failed to make payment as agreed with the creditor. If you are cancelling a debt because you defaulted you use box (3). Please be sure that the information entered in box (2) is correct so that your notice to the creditor doesn't end up in the wrong category. Please also keep in mind that when you do this, you are also giving them permission to cancel that debt. If the creditor contacts you to do this, you do not have to talk to them about cancelling your credit card or car loan. If you are cancelling a loan because of a bankruptcy filing, please refer to the Bankruptcy Guide on The Consumer Credit Guide's website for more information on bankruptcy and how the notices should be sent. Please keep in mind that you will need to add these amounts to the credit card or car loan payments and that will show up on the credit report. You DO NOT need to complete a credit card or car loan payment at the same time you cancel the debt, at this time you will only see it as a one time deduction in box (1). To find out how much you are cancelling each time, go to the payment calculator here. Instructions for Form 982, Reduction of Tax Attributes Due to How the IRS uses Form 982 to get a “good faith” reduction of tax attributes after a discharge or default of indebtedness, Instructions for Form 982, Reduction of Tax Attributes Due to Cancellation of Debt and Section 1082, Basis Adjustment (Inst 982) — Internal Form 982 Rev February 2024 Reduction of Tax Attributes Due to How to cancel a debt after a “good faith” cancellation of indebtedness. Instructions for Form 982, Reduction of Tax Attributes Due to How the IRS uses Form 982 to get a “good faith” reduction of a tax attributes after a discharge or default of indebtedness.
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