Irs Insolvency Form PDF Details

Did you know that there is a form specifically for Individuals who are insolvent? The IRS Insolvency Form can be used to help individuals prove to the IRS that they meet the requirements for insolvency. This form can be especially helpful if you are looking to discharge some of your tax debt through bankruptcy. Here we will take a closer look at what the IRS Insolvency Form is, and how it can help you get your taxes under control. DISCLAIMER: is not affiliated with the Internal Revenue Service (IRS) or any other government agency. The information on this website should not be construed as legal advice and is provided for educational purposes only.

Listed here, you'll find quite a few specifics about irs insolvency form PDF. It can be helpful to learn its length, the typical time required to fill out the form, the blanks you'll need to fill in, and so forth.

Form NameIrs Insolvency Form
Form Length1 pages
Fillable fields1
Avg. time to fill out27 sec
Other namesinsolvency worksheet, irs form 982 insolvency worksheet, insolvency worksheet irs, what is insolvency worksheet

Form Preview Example

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.



Department of the Treasury




Go to for instructions and the latest information.


Sequence No. 94

Internal Revenue Service



Name shown on return



Identifying number







Part I General Information (see instructions)

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


Discharge of indebtedness in a title 11 case


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


Discharge of qualified farm indebtedness


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


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?



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


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


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


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

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


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














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




(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 Irs Insolvency Form Online for Free

Our PDF editor allows you to complete the irs insolvency form form. You should be able to build the document efficiently by following these easy steps.

Step 1: On the following web page, choose the orange "Get form now" button.

Step 2: Now you are going to be on the form edit page. You can include, enhance, highlight, check, cross, include or delete fields or text.

Enter the essential data in every segment to fill out the PDF irs insolvency form

what is insolvency worksheet empty spaces to consider

You need to fill in the not, reduced, online Part, III from, its, gross, income and and, ending area with the necessary details.

Filling in what is insolvency worksheet part 2

Inside the field referring to Cat, No, E Form, Rev and State, of, incorporation you have to note down some vital information.

step 3 to finishing what is insolvency worksheet

Step 3: Hit the Done button to save your file. Then it is readily available for export to your electronic device.

Step 4: To prevent any kind of concerns in the foreseeable future, you should generate up to two or three duplicates of the form.

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