Originally posted by kathyc2
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Form 982 PLEASE HELP
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Found the form. I was searching for Form 982 and it was listed as simply 982. I use TaxWise and have for the past 12 years. It's the most user friendly program I have used and I've tried several. Thank you guys so much for your help, I really appreciate it!!
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Originally posted by BOB W View PostMine is also difficult to find. In mine it is under "other forms".
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I was told that for the company to write this off they had to file the 1099-c. Not sure how they would because most large co's carry an allowance for bad debts.
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Agree w/ Bob's response, but curious what software you are using that doesn't have 982 availability?
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Form 982 PLEASE HELP
Client has a 1099C with $18,369 in box 3 and vehicle in box 4. This debt was discharged in bankruptcy. Attorney told him to use Form 982 to eliminate having to pay taxes on this amount. I don't find this form on my program. I pulled one off of IRS with the instructions. I've never seen this form, so this is all new to me. Do I just check the 1a box in Part I and put the $18,369 in box 2. Do I have to fill out Part II and Part III? Final question, does this now become a paper return? Thanks for your help in advance.
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