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  1. #1
    Join Date
    Apr 2013
    Posts
    1

    Default How to Fill Out IRS Form 982 - Discharge of Debt

    Hi,

    I submitted my taxes in Jan to get a 1099-C in Feb for the short sale of my home 2 years ago. (It was either foreclose or short sale.) I have been informed by tax experts and my RE Agent that I will not have to pay taxes on it. (thank GOD!) However, I can't figure out the process and how to fill out the 982. I've checked off line 1e and entered the debt forgiven in line 2. Part II of this form confuses me. I believe I need to enter the same figure on line 10 but I don't know if it's line 10a or 10b.
    -Also........I do not see a field on the form for my signature.
    -The instructions referenced a worksheet. Do I need to fill out a worksheet or would that have been for my benefit?
    -The instructions also mentioned submitting a letter explaining the circumstances for the short sale.
    -Would I need to complete another form as well regarding amending my tax return?

    Sigh...........I'm tired and confused. I thought this was going to be easy or I wouldn't have waiting until the last minute. Thanks for your help - I'm exhausted trying to look up specifics and not getting anywhere.

    RobinLee

  2. #2
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    1,774

    Default Re: How to Fill Out IRS Form 982 - Discharge of Debt

    It goes on line 10b. You should file this form along with a 1040X which will bear your signature. In the explanation section of the 1040X you will explain what you are doing. The 982 cannot be filed as a stand-alone form. You do not need any other forms - just 982 and 1040X.

  3. #3
    Join Date
    Oct 2006
    Posts
    5,172

    Default Re: How to Fill Out IRS Form 982 - Discharge of Debt

    Quote Quoting Bubba Jimmy
    View Post
    It goes on line 10b. You should file this form along with a 1040X which will bear your signature. In the explanation section of the 1040X you will explain what you are doing. The 982 cannot be filed as a stand-alone form. You do not need any other forms - just 982 and 1040X.
    I agree, however a 1040X is pretty complicated. You really might be better off getting help from a tax professional. I am a tax professional and I wouldn't do a 1040X manually for any amount of money.

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