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Get your taxes done using TurboTax
IRS form 982 instructions read as follows:
Line 10a
In the case of a title 11 case or insolvency, the reduction in basis is limited to the aggregate of the basis of your property immediately after the discharge over the aggregate of your liabilities immediately after the discharge. However, this limit doesn’t apply to a reduction in basis reported on line 5 pursuant to section 108(b)(5).
Bankruptcy is a title 11 case.
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March 19, 2020
5:32 PM