Edit, Download, and Sign the IRS Form 982 Reduction of Tax Attributes Due to Discharge
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How do I fill this out?
Filling out Form 982 requires attention to detail and accurate information. Ensure you have all necessary documentation related to the discharge of indebtedness. Follow the instructions provided by the IRS carefully.
How to fill out the IRS Form 982 Reduction of Tax Attributes Due to Discharge?
1
Select the applicable exclusion reason in Part I.
2
Enter the total amount of discharged indebtedness excluded from gross income in Line 2.
3
Indicate whether you elect to treat certain real property as depreciable in Line 3.
4
Provide details on the reduction of tax attributes in Part II.
5
For corporations, complete Part III for the consent to adjust the basis of property.
Who needs the IRS Form 982 Reduction of Tax Attributes Due to Discharge?
1
Individuals who have been discharged from indebtedness in a title 11 bankruptcy case.
2
Taxpayers who have been discharged from indebtedness to the extent insolvent.
3
Farmers with qualified farm indebtedness that has been discharged.
4
Business owners with qualified real property business indebtedness that has been discharged.
5
Homeowners with qualified principal residence indebtedness that has been discharged.
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What are the instructions for submitting this form?
To submit Form 982, attach it to your income tax return for the relevant year. You can submit the form electronically through the IRS e-file system or mail it to the appropriate IRS address provided in the instructions. It is important to keep a copy of the submitted form for your records.
What are the important dates for this form in 2024 and 2025?
Ensure you submit Form 982 with your tax return by the deadlines for the 2024 and 2025 tax years. The IRS tax filing deadline typically falls around April 15th for individual taxpayers. For corporations, the deadline may vary.
What is the purpose of this form?
The purpose of IRS Form 982 is to provide a means for taxpayers to reduce tax attributes following the discharge of indebtedness. Tax attributes include net operating losses, general business credit carryovers, and more. Form 982 allows for proper adjustment and reporting to the IRS.
Tell me about this form and its components and fields line-by-line.
- 1. Part I: General Information including the amount excluded due to discharge of indebtedness and relevant details.
- 2. Line 2: Total amount of discharged indebtedness excluded from gross income.
- 3. Line 3: Election to treat certain real property as if it were depreciable property.
- 4. Part II: Reduction of Tax Attributes, including specific amounts for basis reduction and operating loss adjustments.
- 5. Part III: Consent of Corporation to Adjustment of Basis of Its Property.
What happens if I fail to submit this form?
Failure to submit Form 982 can result in incorrect tax calculations and potential penalties.
- Incorrect Taxation: Without form submission, discharged debts may not be properly excluded from gross income, leading to higher taxes.
- Penalties and Interests: Failure to accurately report and submit may incur penalties and interest charges from the IRS.
How do I know when to use this form?
- 1. Title 11 Bankruptcy: If the discharge occurred in a title 11 bankruptcy case.
- 2. Insolvency: If the discharge occurred when you were insolvent.
- 3. Qualified Farm Indebtedness: If the discharge was of qualified farm indebtedness.
- 4. Qualified Real Property Business Indebtedness: If the discharge was of qualified real property business indebtedness.
- 5. Qualified Principal Residence Indebtedness: If the discharge was of qualified principal residence indebtedness.
Frequently Asked Questions
What is Form 982 used for?
Form 982 is used to reduce tax attributes due to the discharge of indebtedness and to apply basis adjustments as necessary.
Can I fill out Form 982 online?
Yes, you can fill out Form 982 online using PrintFriendly’s PDF editor.
How do I begin filling out Form 982?
Begin by providing general information and selecting the applicable exclusion reason in Part I.
What information do I need for Part II of Form 982?
You need details on transactions resulting in basis reductions and follow IRS Regulations for basis reduction ordering rules.
Can corporations use Form 982?
Yes, corporations use Part III to consent to adjust the basis of their property under section 1082(a)(2).
How do I know if I need Form 982?
You need Form 982 if you have experienced a discharge of indebtedness that qualifies under IRS rules.
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