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Guidance covers key terms such as “title 11 case” and “discharge of indebtedness,” timing rules for elections under section 108(b), including amended-return options, and the step-by-step completion flow for different debt types, including qualified principal residence indebtedness and nonbusiness debt.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/forms/","Forms",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/form-982-reduction-of-tax-attributes-due-to-discharge-of-indebtedness-and-section-1082-basis-adjustment/304714/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/form-982-reduction-of-tax-attributes-due-to-discharge-of-indebtedness-and-section-1082-basis-adjustment/304714.png","ImageObject",442,249,{"name":42,"@type":43},"Nguyễn Văn Học","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-29","2026-09-19",true,{"@type":52,"interactionType":53,"userInteractionCount":26},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What is Form 982 used for under section 108?","Question",{"text":62,"@type":63},"Form 982 reports the exclusion of discharged indebtedness from gross income and the reduction of certain tax attributes. The reduction generally applies as described in the instructions, either dollar for dollar or 331/3 cents per dollar.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"When must the required elections be made for section 108(b) basis reduction?",{"text":67,"@type":63},"The election to reduce the basis of depreciable property under section 108(b) and related election on line 1d must be made on a timely filed return (including extensions). If not made, either election can be made via an amended return filed within 6 months of the due date of the return, excluding extensions.",{"name":69,"@type":60,"acceptedAnswer":70},"What key steps apply when excluding qualified principal residence indebtedness?",{"text":71,"@type":63},"Read the definition on line 1e, check the appropriate box on line 1e (with special attention for discharges before 2026), enter the excluded amount on line 2, and if you continued to own the residence, report the required amount on line 10b as the smaller of specified figures.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},304714,1790699766,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,112,117,122],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":110,"slug":111},17,40,"forms",{"id":113,"doc_module":22,"doc_module_name":25,"category_name":114,"show_sort_weight":115,"slug":116},18,"Letters",30,"letters",{"id":118,"doc_module":22,"doc_module_name":25,"category_name":119,"show_sort_weight":120,"slug":121},21,"Paper Templates",5,"papers-templates",{"id":123,"doc_module":22,"doc_module_name":25,"category_name":124,"show_sort_weight":4,"slug":125},158,"General","general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":109,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":33,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":33,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":139,"read_time":26},1374402739827,"https://ap-avatar.wpscdn.com/avatar/14000c97e7351f1a627?x-image-process=image/resize,m_fixed,w_180,h_180&k=1787885694763230660","Instructions for Form 982  \n(Rev. December 2021)  \nDepartment of the Treasury  \nInternal Revenue Service  \nReduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)  \n(For use with Form 982 (Rev. March 2018))  \nSection references are to the Internal Revenue Code unless otherwise noted.  \nGeneral Instructions  \nFuture Developments  \nFor the latest information about developments related to Form 982 and its instructions, such as legislation enacted after they were published, [go to](go to IRS.gov/)[ ](go to IRS.gov/)[IRS.gov/](go to IRS.gov/)[ ](go to IRS.gov/)[Form982](Form982.)[.](Form982.)  \nWhat’s New  \nDischarge of qualified principal residence indebtedness before 2026.  \nQualified principal residence indebtedness can be excluded from income for discharges before January 1, 2026, or discharges subject to an arrangement that was entered into and evidenced in writing before January 1, 2026.  \nAmount eligible for the exclusion.  \nThe maximum amount you can treat as qualified principal residence indebtedness is $750,000 ($375,000 if married filing separately) .  \nPurpose of Form  \nGenerally, the amount by which you benefit from the discharge of indebtedness is included in your gross  \nincome. However, under certain circumstances described in section 108, you can exclude the amount of discharged indebtedness from your gross income.  \nYou must file Form 982 to report the exclusion and the reduction of certain tax attributes either dollar for dollar or 331/3 cents per dollar (as explained later) .  \nCertain individuals may need to complete only a few lines on Form  \n982. For example, if you are completing this form because of a discharge of indebtedness on a personal loan (such as a car loan or credit card debt) ora loan for the purchase of your principal residence, follow the chart, later, to see which lines you need to complete. Also, see Pub. 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, for additional information.  \nDefinitions  \nTitle 11 case. A “title 11 case” is a case under title 11 of the United States Code (relating to bankruptcy), but only if you are under the jurisdiction of the court in the case and the discharge of indebtedness is granted by the court or is under a plan approved by the court.  \nYou may know your title 11 case by the chapter (such as, for example, chapter 7, 11, 12, or 13)  \nunder title 11 that you sought debt relief.  \nTIP  \nTIP  \nDischarge of indebtedness. The term“discharge of indebtedness” conveys forgiveness of, or release from, an obligation to repay.  \nWhen To File  \nFile Form 982 with your federal income tax return for a year a discharge of indebtedness is excluded from your income under section 108(a) .  \nThe election to reduce the basis of depreciable property under section 108(b)  \n(5) and the election made on line 1d of Part I regarding the discharge of qualified real property business indebtedness must be made on a timely filed return (including extensions) and can be revoked only with the consent of the IRS.  \nIf you timely filed your tax return without making either of these elections, you can still make either election by filing an amended return within 6 months of the due date of the return (excluding extensions) . Write “Filed pursuant to section 301.9100-2” on the amended return and file it at the same place you filed the original return.  \nHow To Complete the Form  \n\n| IF the discharged debt you are excluding is . . . | THEN follow these steps . . . |  |\n| --- | --- | --- |\n| Qualified principal residence indebtedness | 1. Be sure to read the definition of qualified principal residence indebtedness on Line 1e, later. Part or all of your debt may not qualify for the exclusion on line 1e but may qualify for one of the other exclusions.\u003Cbr>2. Check the box on line 1e. See Line 1e, later, before checking the box if the debt was discharged before 2026.\u003Cbr>3. Include on line 2 the amount of discharged qualified principal reside","cbCaifW03UW1pYKt","https://ap.wps.com/l/cbCaifW03UW1pYKt","pdf",152979,"English","# General Instructions\n## Future Developments\n## What’s New\n## Purpose of Form\n# Definitions\n## Title 11 case\n## Discharge of indebtedness\n# When To File\n# How To Complete the Form\n## Qualified principal residence indebtedness\n## A nonbusiness debt (other than qualified principal residence indebtedness)","[{\"question\":\"What is Form 982 used for under section 108?\",\"answer\":\"Form 982 reports the exclusion of discharged indebtedness from gross income and the reduction of certain tax attributes. The reduction generally applies as described in the instructions, either dollar for dollar or 331/3 cents per dollar.\"},{\"question\":\"When must the required elections be made for section 108(b) basis reduction?\",\"answer\":\"The election to reduce the basis of depreciable property under section 108(b) and related election on line 1d must be made on a timely filed return (including extensions). If not made, either election can be made via an amended return filed within 6 months of the due date of the return, excluding extensions.\"},{\"question\":\"What key steps apply when excluding qualified principal residence indebtedness?\",\"answer\":\"Read the definition on line 1e, check the appropriate box on line 1e (with special attention for discharges before 2026), enter the excluded amount on line 2, and if you continued to own the residence, report the required amount on line 10b as the smaller of specified figures.\"}]","Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness - and Section 1082 Basis Adjustment | PDF",1789816478]