Cancelled Debt Archives - John R. Dundon II, Enrolled Agent

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Cancelled Debt Tag

26 Jan Forgiven Debt Exempt From Income Requires Tax Attribute Consideration IRS Form 982

Posted at 00:00h in Cancelled Debt, Debt

If you are forgiven debt and that forgiven debt is not considered income then you should prepare and file IRS Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness. Generally, the amount by which you benefit from the discharge of indebtedness is included in your gross income....

16 Nov Reporting 1099-C income, cancellation of debt income exclusion – IRS form 982

Posted at 00:00h in Cancelled Debt

Debt that is forgiven is considered income for taxes purposes and is reportable to the IRS. The debt forgiven is reported by the lender to the IRS on form 1099-C. The debt forgiven is reported by the taxpayer as other income on Form 1040, Line...

Cancelled Debt Tag

26 Jan Forgiven Debt Exempt From Income Requires Tax Attribute Consideration IRS Form 982

16 Nov Reporting 1099-C income, cancellation of debt income exclusion – IRS form 982

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