In TurboTax you can find Form 982 by using the following steps.
- Search (upper right) > Type 982 > Click the Jump to... Link > Begin the entry and answer questions as prompted.
When To File - See the instructions to see if you qualify to remove any of the debt. Basically it's because you are insolvent or the debt was cancelled due to bankruptcy.
- 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) or a 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.
- File Form 982 with your federal income tax return for a year a discharge of indebtedness is excluded from your income under section 108(a).
- The election to reduce the basis of depreciable property under section 108(b)(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.
@jennie-evelyn
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
