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bankruptcy tax form 982

If you filed a chapter 7 bankruptcy, look into filling IRS form 982

When you filed your bankruptcy, debts were written off.

Creditors sometimes mail to you a document called a 1099-c.

This is sometimes referred to as “forgiveness of debt”

In order to eliminate the potential negative income tax consequences to you:

When you file your tax return, file IRS form 982 along with your tax return.

You can download the form from the IRS website.

Fill it out and check off the box 1(a)

Send it in with your tax return.

Why fill out the form?

This form eliminates any tax obligations to you for the discharged debt.

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