Form 982 Discharge of qualified principal residence indebtness

[Jesse]

Do we need to file a paper return if form 982 this form is used?

[Jesse]

Reply to oneself"

Okay - just received this from IRS Quick alert :

ATTN: Software Developers, Return Transmitters and Authorized IRS e-file
Providers/EROs

This is a reminder that Form 1040 Page 2, Form 982, Form 4136, Form 8835,
and Form 8886 will be accepted electronically March 3, 2008 at the 6:00 PM
drain. The updated record layouts are available on the IRS website under
Record Layout Change #5.

So if it can be efiled proseries does not have form 982?

I don't see a box to check on the form 8453?

Anyone else file Form 982?

[David1980]

I'm interested in that as well.

I'm curious on this myself. I work with different tax software, but same problem in that it's not available in the software.

Since all of the canceled mortgage would be excluded I'm tempted to file it with an 8453, or prepare return without the 982 and send it with a 1040x.

Not sure if that's going to cause issues though. So consider this a bump and another person interested in whatever answer you get.

[Jesse]

I have someone in next week and my thoughts are efile and send w/ Form 8453. 1040X never crossed my mind but might work as well.

Because of the quick alert from IRS I am assuming you can efile w/ Form 982, and this year there will be more 982's than in past for sure, so unless I find out different I will send w/ Form 8453 even though there is not a box to check.

[Jesse]

Bees Knees,
I thought maybe as long as you are grazing the board I'd bump this to the top to see if you might have any thoughts on the subject?

[Y2KEA]

Do we need to file a paper return if form 982 this form is used?

According to Lacerte, (or the "what if" return I have done) form 982 and sec 1082 basis adjustment does not qualify for efile at this time until further notice.

[Jesse]

According to Lacerte, (or the "what if" return I have done) form 982 and sec 1082 basis adjustment does not qualify for efile at this time until further notice.

Does Lacerte carry form 982? If you think of it, check again after March 3rd and see if you can efile.

[Bees Knees]

Bees Knees,
I thought maybe as long as you are grazing the board I'd bump this to the top to see if you might have any thoughts on the subject?

No thoughts at this time. Form 982 and how it works along with e-file is next on my radar. Sorry, I've been tied down doing tax returns and trying to keep up with the latest stimulus junk.

This year is absolutely crazy. Six tax laws signed into law since the release of the print version of TTB in December.

[Jesse]

No thoughts at this time. Form 982 and how it works along with e-file is next on my radar. Sorry, I've been tied down doing tax returns and trying to keep up with the latest stimulus junk.

This year is absolutely crazy. Six tax laws signed into law since the release of the print version of TTB in December.

By no means do you have to be sorry, I appreciate your help and this board this year more than ever for the exact reasons you state!

[joanmcq]

one reason I'm glad I have ATX. Got the form at least! I know I'll have one of these next year already. Whether the form will efile with them, I don't know yet.

[Jesse]

Just a bump to get any further input.

[Jesse]

Anyone have any new insight on the Form 982 efile issues?

[David1980]

My software actually added form 982 this week and it's efileable as far as I can tell.

http://www.irs.gov/taxpros/providers/article/0,,id=173387,00.html

http://www.irs.gov/taxpros/providers/article/0,,id=173842,00.html

That's a pretty good sign that it can be efiled as well. I think it was just delayed as far as the IRS efile system goes, but turned on with the other March 3rd stuff.