IRS question on form 982

JK_Byron

JK_Byron

OvrDose
Joined
May 5, 2011
Location
Fletcher, NC
Yep, that's right... Form 982. My wife and I need to complete this and get it back to the IRS. Anyone of y' all filled this form in before and know what this IRS jargon means? Especially with part 2. We did a short sale back in 2013 and proved we were insolvent of the debt, but IRS wants this form filled in for their records. I'd/we would be grateful for any pointers. Thanks

Here is the form for reference: http://www.irs.gov/pub/irs-pdf/f982.pdf

***Edit. I think I'm just gonna see a tax person. But if you know something, please let me know.
 
I am here but I have never filled out this form. Honestly, it would be worth a couple hundred to pay one of the "tax" partners to look at this and fill it out right the first time. If you already have a CPA, get them involved. I still do taxes but this is not something i have done for any of my clients and so I cannot really help off the top of my head. This is huge though, you do not want to mess this up, in theory if you are forgiven of debt, say $50k, that is taxable event. It likely would put you in a 25% tax bracket, so 12,500 to IRS and another 2500 or more to NC.

They DO have the exception for short sale / home foreclosures and such, so you can get out of it and this form even appears to be the right one but I personally would get someone involved that knows this and/or will do the research to fill it out exactly right.

Sorry if that does not help more, our firm is Delman & Co, CPAs in Greensboro, but any CPA firm should be able to help / do the research.

Sammy
 
Byron, I've got a friend who is a CPA at one of the big outfits in Asheville. He is low man on the totem pole, but he may have some advice.
Let me know if you need him and I'll reach out.
 
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