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Generating Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness

SOLVEDby IntuitProConnect Tax5Updated July 13, 2022

To generate Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment):

  1. Go to Input Return and select Miscellaneous Forms
  2. Select Discharge of Indebtedness (982).
  3. Check the applicable box under the Form 982 - General Information section.
  4. Enter the amount to be excluded under the Form 982 - Reduction of Tax Attributes (Amounts Excluded).  These entries will NOT flow to the Form 1040.
  5. Under Form 982 - Section 1017 Transactions:  If the taxpayer elected under section 108(b)(5) to apply first to reduce the basis (under section 1017) of depreciable property, describe the transactions that resulted in the reduction in basis and identify the property for which the basis was reduced in Description of transactions resulting in the reduction in basis under section 1017. This information prints in a supporting statement for Form 982.

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