The title of Form 982 is "Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)." It is used to exclude income from the cancellation of debt under bankruptcy, insolvency or other sections of the U.S. Tax Code, according to Internal Revenue Service Publication 4681.
When a debt is cancelled or forgiven for less than its full amount, the debtor is treated as having income and may have to pay tax on it. Under some circumstances, this income can be excluded from taxation. If the taxpayer excludes income from cancelled debt, he may be required to adjust other tax attributes such as certain credits, losses or basis of assets. Form 982 is used to report this as well.Learn More
File a claim of exemption for wage garnishment in California by filling out a financial statement, or Form WG-007, and a claim of exemption, or Form WG-006, says the Judicial Council of California. Instructions are outlined in Form WG-003.Full Answer >
To find the federal tax identification number, commonly known as an Employer ID number or EIN, check existing documentation, call the bank that handles your business accounts, or contact the Internal Revenue Service directly.Full Answer >
In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.Full Answer >
If you itemize your taxes, you can deduct your mortgage interest; state and local taxes; charitable donations; and medical expenses that exceed 10 percent of your adjusted gross income, explains TurboTax. If you claim the standard deduction, you deduct a set figure determined by the Internal Revenue Service.Full Answer >