Form 982 and Reduction of Tax Attributes

[dunsdav48]

I have a bankruptcy and am trying to figure out what goes on the tax return. There was some credit card debt that was discharged but no
Forms 1099-C were received. The way I read it, there is nothing to report on the tax return. That being said, the Form 982 requires a Reduction of Tax Attributes equal to the amount of the excluded income. The question is "What is the amount of excluded income?" Is the credit card debt, discharged in the bankruptcy, the excluded income or is it excluded only if reported on Form 1099-C and therefore carried to the Form 982?

[Gary2]

I have a bankruptcy and am trying to figure out what goes on the tax return. There was some credit card debt that was discharged but no
Forms 1099-C were received. The way I read it, there is nothing to report on the tax return. That being said, the Form 982 requires a Reduction of Tax Attributes equal to the amount of the excluded income. The question is "What is the amount of excluded income?" Is the credit card debt, discharged in the bankruptcy, the excluded income or is it excluded only if reported on Form 1099-C and therefore carried to the Form 982?

First determine whether or not there will be an estate tax return filed for the bankruptcy estate. There probably won't be (I forget which types normally trigger this), but if there is such a return, the 982 will be filed on that return, not the personal return.

Assuming there's no return for the bankruptcy estate, the amount of canceled debt will be all the debt canceled by the bankruptcy, whether or not reported on the 1099-C. There is no requirement to issue a 1099-C if the lender knows that the amount was discharged by bankruptcy and that it's not business-related.