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Form 982 online LA: What You Should Know
Transferred to the Office of Management and Budget (OMB) for use. However, it is still the standard form; it is just that the OMB uses the form (which is not the same as a Form 982 form) on its website for all other requests. DO NOT COPY ALL OF THIS TO YOUR TAX RETURN, it is not necessary (you only need to have the form or a photocopy) but it is suggested to see if it applies to your situation. I. (1) In general. A person may not deduct any of his or her debts incurred on or after the deduction of expenses for which he or she gets a deduction under section 151 (relating to itemized deductions) or section 162 (relating to miscellaneous itemized deductions). II. (1) Section 151. If a person has a gross income from activities carried on by him or her in the service of another (such as an employee), he or she may include any such expenses in gross income. However, if the gross income from such activities exceeds 1 000, the person may not deduct more than the portion of such gross income in excess of 1 000. The amount which may be deducted is determined without regard to section 170(c) (relating to limitations for amount excluded from gross income) and section 168(h) (relating to deduction for income from certain compensation arrangements). The deduction for expenses related to the service of creditors or to securing a judgment, mortgage, or deed of trust from a debtor with respect to property not subject to the protection of creditors in the case of an individual debtor, is allowable within the limitations of section 168(d) (relating to limitation on amount of deduction allowed). (2) Section 162. If a person has no qualifying gross income or gross income from activities related to the service of other persons, he or she may deduct in lieu of gross income from activities (such as activities connected with the service of a creditor or secured by a debtor) any of these expenses under section 162, even though the amount may be above 1 000.
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