Form 982
Form 982
Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Every line is explained below in plain English — click any line to see what it means, who needs to fill it in, and what people commonly overlook.
Exclusion Type & Amount
- 1a Title 11 Bankruptcy Exclusion Check this box if your debt was discharged in a Title 11 bankruptcy case.
- 1b Insolvency Exclusion Check this box if you were insolvent when your debt was canceled and you were not in a Title 11 bankruptcy case.
- 1c Qualified Farm Indebtedness Check this box if the canceled debt was qualified farm indebtedness.
- 1d Qualified Real Property Business Indebtedness Check this box if the canceled debt was qualified real property business indebtedness.
- 1e Qualified Principal Residence Indebtedness Check this box if the canceled debt was qualified principal residence indebtedness -- mortgage debt you took out to buy, build, or substantially improve...
- 2 Total Amount of Discharged Indebtedness Excluded The total dollar amount of canceled debt you are excluding from gross income.
- 3 Principal Residence Basis Reduction If you checked box 1e (qualified principal residence indebtedness), enter the amount of excluded debt you elect to apply as a reduction to the basis of...
Tax Attribute Reduction
- 4 Net Operating Loss Reduction The portion of your net operating loss (NOL) that is reduced because you excluded canceled debt from income.
- 5 General Business Credit Carryover Reduction The portion of your general business credit carryover that is reduced because you excluded canceled debt from income.
- 6 Minimum Tax Credit Reduction The portion of your minimum tax credit that is reduced because you excluded canceled debt from income.
- 7 Capital Loss Reduction The portion of your net capital loss and capital loss carryovers that is reduced because you excluded canceled debt from income.
- 8 Basis Reduction The reduction applied to your property basis because you excluded canceled debt from income.
- 9 Passive Activity Loss and Credit Carryover Reduction The portion of your suspended passive activity losses and credit carryovers that is reduced because you excluded canceled debt from income.
- 10a Foreign Tax Credit Carryover Reduction The portion of your foreign tax credit carryover that is reduced because you excluded canceled debt from income.
- 10b Depreciable Property Basis Reduction The amount of excluded canceled debt you elect to apply against depreciable property basis under Section 108(b)(5).