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Massachusetts Form 982: What You Should Know

This is the only way that a short sale or debt settlement will be deducted from your income. Download Instructions for Form 982, Reduction of Tax Attributes Due to  Reduction of Tax Attributes Due to Discharge of Indebtedness (Inst 982) — Internal Income Tax in Form 982 provides the same reduction as one would take if the debt is not being discharged. It's important to note that if a short sale or debt settlement is  taxable, and the transaction doesn't result in an actual discharge of debt — or the proceeds are used or intended for the use of the debtor to repay the debt — no tax liability will be deducted as a result. For example, if you made a loan from a personal loan company and the payment for the loan is later used in a short sale, the income can't be used to repay the original loan. The transaction will be taxed even though you were not insolvent. Form 8283 — Student Loan Payment Program In most cases, the payments you make to your student loan company for your federal student loans aren't taxable because you have made the payments into an IRS-authorized, educational loan repayment plan. If you owe federal student loans that fall under the Public Service Loan Forgiveness (PSL) program, these payments are not considered taxable. In other words, you do not need to make a payment to the government after you repay your student loans. Download Instructions for Form 8283 — Student Loan Payment Program If you owe federal student loans that don't meet the PSL definition, but you have a federal loan program other than PSL, your payments may be tax-deductible. These types of tax deductions include the following: Payments to: Federal employees for education service, including education service credit for education service received from a government-sponsored organization (GSE); and Government employees and employees of nonprofit organizations; and Payments made by an employer towards education expenses that an employee can qualify for by paying for at least an equivalent amount as an earned income credit (EIC). Payments made for: Credit counseling in connection with the purchase or sale of a new or existing home; and Any amount received, or expected to be received, in respect of any qualified written assessment. Pursuant to the provisions of IRC 6323, certain amounts paid for items and services or for tuition and fees will result in a tax deduction.

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