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Level 3
posted Feb 10, 2025 6:25:16 AM

Form 982

At the bottom of the form it states: 

"Note: You must attach a description of the transactions resulting in the nonrecognition of gain under section 1081"

I am using reason 1d, exclusion of a forgiveness of debt on a business property.

 

Do I list the information from the 1099-C and what property I reduced the basis, and how much, or what exactly are they asking for and how could it look like? I haven't seen any examples.

0 1 512
1 Replies
Level 15
Feb 10, 2025 7:18:35 AM

You are exactly right.  Just provide a reasonable description, and you'll be fine.