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TN Form 982: What You Should Know
See Chapter 16 for more information. Section 1082 Basis Adjustment (Inst. 982) Form 982-EZ — Tennessee Notice of invalidity of debt - Taxable (in Section 875(b)(1)(C)) How do I determine the amount of discharged indebtedness that can be excluded from my income? See Chapter 17. If you are an Individual I. I find that in 2017, for my taxable year, there were no amounts owing to the United States or to the State under a claim of payment made to a debt to the extent that amount would have been deductible as an itemized deduction on my tax return for the taxable year because my net profit (as defined in Section 1.263A-1(b)) was less than the amount by which my net profit (as defined in Section 1.263A-1(b)) exceeds 3,000, a deduction for my taxable year is limited to the amount of such deduction which would have been deductible on my 2023 tax return. To determine the amount of my payment of that amount, you must consider whether I am a citizen or a resident of the United States, and whether I am acting in that capacity. Therefore, the amount of any payment I, as a creditor or a debt purchaser, make to a creditor, if any, or to the State, is the amount paid by that debtor to the creditor; and the amounts I, as a creditor or a debt purchaser, retain as my own property by reason of that payment are the excess of the debt as it existed at the time I made the payment over the amount of the payments I made to any creditor, if any. If I, as a debtor, pay more than 3,000, no deduction is allowable for my taxable year for all net profit over 3,000. If, however, I pay any debt, the amount of my deduction includes the amount by which the debt exceeded 3,000. II. You are, or you are eligible for credit or settlement assistance or similar state benefits.
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