2007 Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Summary: This is an example of Form 982 with the following line items filled out:
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The
“Name shown on return” field contains
“John and Mary Elm”. The
“Identifying number ”field shows an identification number of
“234-00-7890”.
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The box on line 1e,
“Discharge of qualified principal residence indebtedness” is checked.
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Line 2,
“Total amount of discharged indebtedness excluded from gross income” shows
“$25,000.00”.
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Line 10b,
“Applied to reduce the basis of your principal residence. Enter amount here ONLY if line 1e is checked” is
blank.
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