Deductions & Credits

Form 982: Reduction of Tax Attributes Due to Discharge of Indebtedness

Used to exclude cancelled debt from taxable income when the cancellation occurs in a Title 11 bankruptcy, during insolvency, for qualified farm or real property indebtedness, or qualified principal residence indebtedness.

Download Form 982 PDFAbout on IRS.gov

Who Files This Form?

Taxpayers who had debt cancelled and qualify for an exclusion from gross income under specific provisions of the tax code.

Key Fields

  • Type of discharge exclusion
  • Total amount of discharged debt excluded
  • Tax attribute reduction
  • Basis reduction of property

Filing Deadlines

Due Date

April 15

With Extension

October 15

Late Filing Penalty

Filed with Form 1040; subject to the same failure-to-file and failure-to-pay penalties.

Related Forms

1099-C

Cancellation of Debt

Form 1040

U.S. Individual Income Tax Return

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