Form 982 PDF Details

The Form 982 is a document that can be used to request relief from taxes on the sale of a principal residence. This form can be helpful if you have realized a gain on the sale of your home, and want to minimize the amount of taxes you will have to pay. There are several requirements that must be met in order to qualify for tax relief using the Form 982, so it is important to understand all of the details before filing. In this blog post, we will provide an overview of the Form 982 and explain how you can use it to reduce your taxable income. We will also discuss some of the qualifications that must be met in order for you to receive tax relief. If you have any questions about using the Form 982, please contact our office for assistance.

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Form NameForm 982
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesform 982 instructions, form 982 irs, form 982 insolvency worksheet, form 982

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Form 982

Reduction of Tax Attributes Due to Discharge of

OMB No. 1545-0046

Indebtedness (and Section 1082 Basis Adjustment)

 

(Rev. March 2018)

 

▶ Attach this form to your income tax return.

Attachment

Department of the Treasury

 

 

Sequence No. 94

Internal Revenue Service

▶ Go to WWW.IRS.GOV/FORM982 for instructions and the latest information.

Name shown on return

 

Identifying number

 

 

 

 

Part I General Information (see instructions)

1Amount excluded is due to (check applicable box(es)):

a

Discharge of indebtedness in a title 11 case

b

Discharge of indebtedness to the extent insolvent (not in a title 11 case)

c

Discharge of qualified farm indebtedness

d

Discharge of qualified real property business indebtedness

eDischarge of qualified principal residence indebtedness (Caution: See instructions before checking this box if debt

was discharged after 2017.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Total amount of discharged indebtedness excluded from gross income

2

 

3Do you elect to treat all real property described in section 1221(a)(1), relating to property held for sale to

customers in the ordinary course of a trade or business, as if it were depreciable property?

Yes

No

Part II Reduction of Tax Attributes. You must attach a description of any transactions resulting in the reduction in basis under section 1017. See Regulations section 1.1017-1 for basis reduction ordering rules, and, if applicable, required partnership consent statements. (For additional information, see the instructions for Part II.)

Enter amount excluded from gross income:

4For a discharge of qualified real property business indebtedness applied to reduce the basis of

depreciable real property

. . . . . . . . . . . . . . . . . . . . . . . .

5That you elect under section 108(b)(5) to apply first to reduce the basis (under section 1017) of

depreciable property . . . . . . . . . . . . . . . . . . . . . . . . . .

6Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried

over to the tax year of the discharge . . . . . . . . . . . . . . . . . . . . .

7

Applied to reduce any general business credit carryover to or from the tax year of the discharge .

8Applied to reduce any minimum tax credit as of the beginning of the tax year immediately after the

tax year of the discharge . . . . . . . . . . . . . . . . . . . . . . . . .

9Applied to reduce any net capital loss for the tax year of the discharge, including any capital loss

carryovers to the tax year of the discharge . . . . . . . . . . . . . . . . . . .

10a Applied to reduce the basis of nondepreciable and depreciable property if not reduced on line 5.

DO NOT use in the case of discharge of qualified farm indebtedness . . . . . . . . . .

bApplied to reduce the basis of your principal residence. Enter amount here ONLY if line 1e is

checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11For a discharge of qualified farm indebtedness applied to reduce the basis of:

aDepreciable property used or held for use in a trade or business or for the production of income if not reduced on line 5 . . . . . . . . . . . . . . . . . . . . . . . . . .

4

5

6

7

8

9

10a

10b

11a

b Land used or held for use in a trade or business of farming . . . . . . . . . . . . .

11b

c Other property used or held for use in a trade or business or for the production of income . . .

11c

12Applied to reduce any passive activity loss and credit carryovers from the tax year of the discharge

12

13

Applied to reduce any foreign tax credit carryover to or from the tax year of the discharge . . .

13

Part III Consent of Corporation to Adjustment of Basis of Its Property Under Section 1082(a)(2)

Under section 1081(b), the corporation named above has excluded $

 

from its gross income

for the tax year beginning

and ending

.

Under that section, the corporation consents to have the basis of its property adjusted in accordance with the regulations prescribed under section 1082(a)(2) in effect at the time of filing its income tax return for that year. The corporation is organized under the laws

of

.

 

(State of incorporation)

Note: You must attach a description of the transactions resulting in the nonrecognition of gain under section 1081.

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 17066E

Form 982 (Rev. 3-2018)

How to Edit Form 982 Online for Free

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Filling out this document calls for attention to detail. Make certain all necessary areas are filled in accurately.

1. Fill out your form 982 irs with a number of major blank fields. Get all of the information you need and ensure there is nothing forgotten!

Writing part 1 of form 982 instructions

2. Once your current task is complete, take the next step – fill out all of these fields - For a discharge of qualified real, Applied to reduce any general, a Applied to reduce the basis of, DO NOT use in the case of, b Applied to reduce the basis of, checked, For a discharge of qualified farm, a Depreciable property used or, not reduced on line, b Land used or held for use in a, c Other property used or held for, and Applied to reduce any passive with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Completing section 2 of form 982 instructions

3. This subsequent segment should also be pretty uncomplicated, Applied to reduce any passive, Applied to reduce any foreign tax, Part III, Consent of Corporation to, Under section b the corporation, from its gross income, and ending, State of incorporation, Note You must attach a description, For Paperwork Reduction Act Notice, Cat No E, and Form Rev - all these blanks is required to be completed here.

form 982 instructions completion process detailed (step 3)

Always be really careful when completing Note You must attach a description and and ending, because this is the part in which most users make mistakes.

Step 3: Prior to finalizing your file, double-check that form fields were filled in the proper way. Once you believe it's all fine, click on “Done." Create a free trial plan with us and get direct access to form 982 irs - available from your FormsPal account. FormsPal is committed to the personal privacy of all our users; we always make sure that all personal data coming through our tool remains protected.

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