Abandonments And Repossessions Foreclosures
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Instructions for Form 982 (Rev. January 2020)
www.irs.govForeclosures, Repossessions, and Abandonments, for additional information. Definitions Title 11 case. A title 11 case is a case under title 11 of the United States Code (relating to bankruptcy), but only if you are under the jurisdiction of the court in the case and the discharge of indebtedness is granted by the court or is under a plan
Income – Other Income
apps.irs.govIndividuals, can assist with the explanation. Refer to Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Generally, when debt is canceled, the lender will issue Form 1099-C, Cancellation of Debt, which is then reported as income by the recipients on their tax return. There are exceptions and exclusions to the general
Abandonments and Repossessions, Canceled Debts,
www.irs.govSales or Other Dispositions \(Such as Foreclosures and Repossessions\) Abandonments. Stockholder Debt. Exceptions. Gifts, Bequests, Devises, and Inheritances. Student Loans. Deductible Debt. Price Reduced After Purchase. Home Affordable Modification Program. Exclusions. Bankruptcy. Insolvency. Insolvency Worksheet. Qualified Farm Indebtedness