2010 Form 982, Reduction of Tax Attributes Due to Discharge of
Indebtedness (and Section 1082 Basis Adjustment)
Summary: This is an example of Form 982 with the following line
items filled out:
- The
Name shown on return
field contains
Frank and Kathy Willow
. The
Identifying number
field shows an identification number of
987-00-4321
- The box on line 1b,
Discharge of indebtedness to the extent insolvent (not in a
title 11 case)
is checked.
- The box on line 1e,
Discharge of qualified principal residence indebtedness
is checked.
- Line 2,
Total amount of discharged indebtedness excluded from gross
income
shows
$750,000.00.
. - Line 10a,
Applied to reduce the basis of nondepreciable and depreciable
property if not reduced on line 5. DO NOT use in the case of discharge of
qualified farm indebtedness
shows
$43,000.
- Line 10b,
Applied to reduce the basis of your principal residence. Enter
amount here ONLY if line 1e is checked
is blank.
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