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mymeannie
New Member

When I flied my taxes I spoke with the worked about me filing my 1099-C forms & using the tax form 982 to cancel this amount. She said she could not so this for me.

 
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2 Replies

When I flied my taxes I spoke with the worked about me filing my 1099-C forms & using the tax form 982 to cancel this amount. She said she could not so this for me.

What kind of debt was the 1099-C for? Did you declare Bankruptcy or Insolvency that year? Those two conditions cover most cases where a person can use 982 on a 2018 return, and You have to establish if either applies using your own records. 

See https://www.irs.gov/forms-pubs/about-form-982 

NB: Main home debt Was a reason to use 982 in prior years, but Not for 2018 returns ...

Carl
Level 15

When I flied my taxes I spoke with the worked about me filing my 1099-C forms & using the tax form 982 to cancel this amount. She said she could not so this for me.

If you have a 1099-C from a foreclosure and/or bankruptcy, TurboTax can not address your situation. You *NEED* to seek professional help for this, as no two bankruptcies or foreclosures are the same. The IRS has strict guidelines on this. So professional help is not a choice - it's a must unless you have no problem with paying taxes on the cancelled debt, or if you know for a fact you do not qualify for the forgiveness on the taxes.

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