Cancellation of Debt
What Form Is Used To Report The Cancellation Of Debt Exclusion For Primary Residences?
You can claim the exclusion for qualified principal residence indebtness on Form 982 by checking the box on line 1e and entering the excludable amount on line 2. If you continue to own the residence you must reduce the basis on line 10b.
Note If you need professional help with "Cancellation of Debt" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.