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2012 Tax Form

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2012 Tax Form

2012 tax form Index Symbols "Hours of service" limits, Individuals subject to hours of service limits. 2012 tax form Form 2106, Hours of service limits. 2012 tax form 50% limit on meals, 50% limit on meals. 2012 tax form A Accountable plans, Accountable Plans, Per diem allowance more than federal rate. 2012 tax form Accounting to employer, Accountable Plans Adequate accounting, Adequate Accounting Independent contractors, Adequate accounting. 2012 tax form Adequate records, What Are Adequate Records? Advertising Car display, Advertising display on car. 2012 tax form Expenses, 3 - Advertising expenses. 2012 tax form Signs, display racks, or other promotional material to be used on recipient's business premises, Exceptions. 2012 tax form Airline clubs, Club dues and membership fees. 2012 tax form Allocating costs, Separating costs. 2012 tax form , Separating costs. 2012 tax form , Allocating between business and nonbusiness. 2012 tax form , Allocating total cost. 2012 tax form Allowance (see Reimbursements) Armed forces Assigned overseas, Members of the Armed Forces. 2012 tax form Assistance (see Tax help) Associated entertainment, Associated Test Athletic clubs, Club dues and membership fees. 2012 tax form B Basis of car, Basis. 2012 tax form (see also Depreciation of car) Bona fide business purpose, Bona fide business purpose. 2012 tax form Box seats at entertainment events, Skyboxes and other private luxury boxes. 2012 tax form Business travel, Trip Primarily for Business Outside U. 2012 tax form S. 2012 tax form , Travel Entirely for Business or Considered Entirely for Business Business use of car, Business and personal use. 2012 tax form More-than-50%-use test. 2012 tax form , More-than-50%-use test. 2012 tax form Qualified business use, Qualified business use. 2012 tax form C Canceled checks As evidence of business expenses, Canceled check. 2012 tax form Car expenses, Car Expenses, Reporting inclusion amounts. 2012 tax form Actual expenses, Actual Car Expenses Allowances for, Per Diem and Car Allowances, Allowance more than the federal rate. 2012 tax form Business and personal use, Business and personal use. 2012 tax form Combining expenses, Car expenses. 2012 tax form Disposition of car, Disposition of a Car Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 2012 tax form Form 2106, Car expenses. 2012 tax form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 2012 tax form Mileage rate (see Standard mileage rate) Taxes paid on car, Taxes paid on your car. 2012 tax form Traffic tickets, Fines and collateral. 2012 tax form Car pools, Car pools. 2012 tax form Car rentals, Reporting inclusion amounts. 2012 tax form Form 2106, Car rentals. 2012 tax form Car, defined, Car defined. 2012 tax form Car, truck, or van rentals, Leasing a Car, Reporting inclusion amounts. 2012 tax form Casualty and theft losses Cars, Casualty and theft losses. 2012 tax form Depreciation, Casualty or theft. 2012 tax form Charitable organizations Benefit events for, Exception for events that benefit charitable organizations. 2012 tax form Sports events to benefit, 5 - Charitable sports event. 2012 tax form Club dues, Club dues and membership fees. 2012 tax form Commuting expenses, Commuting expenses. 2012 tax form Conventions, Conventions, Meetings at conventions. 2012 tax form Country clubs, Club dues and membership fees. 2012 tax form Cruise ships, Cruise Ships D Daily business mileage and expense log (Table 6-2), Table 5-2. 2012 tax form Daily Business Mileage and Expense Log Name: Depreciation of car, Depreciation and section 179 deductions. 2012 tax form (see also Section 179 deductions) Adjustment for using standard mileage rate, Depreciation adjustment when you used the standard mileage rate. 2012 tax form Basis, Basis. 2012 tax form Sales taxes, Sales taxes. 2012 tax form Unrecovered basis, How to treat unrecovered basis. 2012 tax form Casualty or theft, effect, Casualty or theft. 2012 tax form Deduction, Depreciation and section 179 deductions. 2012 tax form , Depreciation deduction for the year of disposition. 2012 tax form Excess depreciation, Excess depreciation. 2012 tax form Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 2012 tax form Trade-in, effect, Car trade-in. 2012 tax form , Trade-in. 2012 tax form Trucks and vans, Trucks and vans. 2012 tax form Depreciation of Car Section 179 deduction, Section 179 deduction. 2012 tax form Directly-related entertainment, Directly-Related Test Disabled employees Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Documentary evidence, Documentary evidence. 2012 tax form E Employer-provided vehicles, Employer-provided vehicle. 2012 tax form Reporting requirements, Vehicle Provided by Your Employer Entertainment expenses, Entertainment, Individuals subject to hours of service limits. 2012 tax form , Gift or entertainment. 2012 tax form 50% limit, Directly before or after business discussion. 2012 tax form Determination of applicability (Figure A), 50% Limit Associated test, Associated Test Deductible, What Entertainment Expenses Are Deductible?, Expenses for spouses. 2012 tax form Summary (Table 2-1), Exception for events that benefit charitable organizations. 2012 tax form Directly-related test, Directly-Related Test Entertainment, defined, Entertainment. 2012 tax form Form 2106, Meal and entertainment expenses. 2012 tax form Tickets (see Tickets) Entertainment facilities Expenses for use of, Entertainment facilities. 2012 tax form Estimates of expenses, How To Prove Expenses Exceptions to the 50% Limit, Exceptions to the 50% Limit Excess reimbursements (see Reimbursements) Extravagant expenses, Lavish or extravagant. 2012 tax form , Lavish or extravagant expenses. 2012 tax form F Fair market value of car, Fair market value. 2012 tax form Farmers Form 1040, Schedule F, Self-employed. 2012 tax form Federal crime investigations or prosecutions Federal employees engaged in, Exception for federal crime investigations or prosecutions. 2012 tax form Federal rate for per diem, Standard Meal Allowance, The federal rate. 2012 tax form Fee-basis officials, Officials Paid on a Fee Basis Fees you pay, Parking fees. 2012 tax form Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 2012 tax form Form 1040, Schedule C, Self-employed. 2012 tax form Form 1040, Schedule F, Self-employed. 2012 tax form Form 2106, How to choose. 2012 tax form , Employees. 2012 tax form , Full value included in your income. 2012 tax form , Reporting your expenses under a nonaccountable plan. 2012 tax form , Completing Forms 2106 and 2106-EZ Form 2106-EZ, Form 2106-EZ. 2012 tax form Form 4562, Self-employed. 2012 tax form Form 4797, Excess depreciation. 2012 tax form Form W-2 Employer-provided vehicles, Value reported on Form W-2. 2012 tax form Reimbursement of personal expenses, Reimbursement for personal expenses. 2012 tax form Statutory employees, Statutory employees. 2012 tax form Free tax services, Free help with your tax return. 2012 tax form G Gifts, Gift or entertainment. 2012 tax form , Gifts $25 limit, $25 limit. 2012 tax form Combining for recordkeeping purposes, Gift expenses. 2012 tax form Reporting requirements, Gifts. 2012 tax form Golf clubs, Club dues and membership fees. 2012 tax form H Hauling tools, Hauling tools or instruments. 2012 tax form Help (see Tax help) High-low method Introduction, High-low method. 2012 tax form Transition rules, High-low method. 2012 tax form High-low rate method, High-low rate. 2012 tax form Home office, Office in the home. 2012 tax form Hotel clubs, Club dues and membership fees. 2012 tax form I Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Incidental expenses Defined, Incidental expenses. 2012 tax form Gifts, Incidental costs. 2012 tax form No meals, incidentals only, Incidental-expenses-only method. 2012 tax form Income-producing property, Income-producing property. 2012 tax form Incomplete records, What If I Have Incomplete Records? Indefinite job assignment, Temporary assignment vs. 2012 tax form indefinite assignment. 2012 tax form Independent contractors, Rules for Independent Contractors and Clients Interest on car loans, Interest on car loans. 2012 tax form Itinerants, Tax Home L Lavish or extravagant expenses, Lavish or extravagant. 2012 tax form , Lavish or extravagant expenses. 2012 tax form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 2012 tax form Luxury private boxes at entertainment events, Skyboxes and other private luxury boxes. 2012 tax form Luxury water travel, Luxury Water Travel M MACRS (Modified Accelerated Cost Recovery System), Modified Accelerated Cost Recovery System (MACRS). 2012 tax form 2011 chart (Table 4-1), Table 4-1. 2012 tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2012 tax form ) Main place of business or work, Main place of business or work. 2012 tax form Married taxpayers Performing artists, Special rules for married persons. 2012 tax form Meal expenses, Meals 50% limit, 50% Limit Determination of applicability (Figure A), 50% Limit Exceptions, Exceptions to the 50% Limit Actual cost method, Actual Cost Form 2106, Meal and entertainment expenses. 2012 tax form Major cities with higher allowances, Amount of standard meal allowance. 2012 tax form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 2012 tax form , The standard meal allowance. 2012 tax form Meals, entertainment-related, A meal as a form of entertainment. 2012 tax form Mileage rate (see Standard mileage rate) Military (see Armed forces) Missing children, photographs of, Reminder Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 2012 tax form 2011 chart (Table 4-1), Table 4-1. 2012 tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2012 tax form ) N Nonaccountable plans, Nonaccountable Plans O Office in the home, Office in the home. 2012 tax form Officials paid on fee basis, Officials Paid on a Fee Basis Overseas travel Conventions, Conventions Held Outside the North American Area Meal allowance, Standard meal allowance for areas outside the continental United States. 2012 tax form Part of trip outside U. 2012 tax form S. 2012 tax form , Part of Trip Outside the United States P Parking fees, Parking fees. 2012 tax form , Parking fees and tolls. 2012 tax form Per diem allowances, Per Diem and Car Allowances, Allowance more than the federal rate. 2012 tax form Defined, Reimbursement, allowance, or advance. 2012 tax form Federal rate for, The federal rate. 2012 tax form Per diem rates High-cost localities, High-low method. 2012 tax form High-low method, High-low method. 2012 tax form Regular federal method, Regular federal per diem rate method. 2012 tax form Standard rate for unlisted localities, High-low method. 2012 tax form , Regular federal per diem rate method. 2012 tax form Transition rules, High-low method. 2012 tax form , Federal per diem rate method. 2012 tax form Performing artists, Expenses of Certain Performing Artists Personal property taxes, Personal property taxes. 2012 tax form , Taxes paid on your car. 2012 tax form Personal trips, Trip Primarily for Personal Reasons Outside U. 2012 tax form S. 2012 tax form , Travel Primarily for Personal Reasons Placed in service, cars, Placed in service. 2012 tax form Probationary work period, Probationary work period. 2012 tax form Proving business purpose, Proving business purpose. 2012 tax form Public transportation Outside of U. 2012 tax form S. 2012 tax form travel, Public transportation. 2012 tax form Publications (see Tax help) R Recordkeeping requirements, Recordkeeping, Examples of Records Adequate records, What Are Adequate Records? Daily business mileage and expense log (Table 6-2), Table 5-2. 2012 tax form Daily Business Mileage and Expense Log Name: Destroyed records, Destroyed records. 2012 tax form How to prove expenses (Table 5-1), Table 5-1. 2012 tax form How To Prove Certain Business Expenses Incomplete records, What If I Have Incomplete Records? Reimbursed expenses, Reimbursed for expenses. 2012 tax form Sampling to prove expenses, Sampling. 2012 tax form Separating and combining expenses, Separating and Combining Expenses, If your return is examined. 2012 tax form Three-year period of retention, How Long To Keep Records and Receipts Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Regular federal method Introduction, Regular federal per diem rate method. 2012 tax form Transition rules, Federal per diem rate method. 2012 tax form Reimbursements, Less than full value included in your income. 2012 tax form , Contractor does not adequately account. 2012 tax form Accountable plans, Accountable Plans Excess, Returning Excess Reimbursements, Nonaccountable Plans Form 2106, Reimbursements. 2012 tax form Nonaccountable plans, Nonaccountable Plans Nondeductible expenses, Reimbursement of nondeductible expenses. 2012 tax form Personal expenses, Reimbursement for personal expenses. 2012 tax form Recordkeeping, Reimbursed for expenses. 2012 tax form Reporting (Table 6-1), Table 6-1. 2012 tax form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Unclaimed, Where To Report Reporting requirements, How To Report Per diem or car allowance, Reporting your expenses with a per diem or car allowance. 2012 tax form Reimbursements, Reimbursements, Contractor does not adequately account. 2012 tax form Reservists Transportation expenses, Armed Forces reservists. 2012 tax form Traveling more than 100 miles from home, Armed Forces Reservists Traveling More Than 100 Miles From Home Returning excess reimbursements, Returning Excess Reimbursements Rural mail carriers, Rural mail carriers. 2012 tax form S Section 179 deduction Amended return, How to choose. 2012 tax form Deduction, Section 179 Deduction Limits, Limits. 2012 tax form Self-employed persons, 2 - Self-employed. 2012 tax form Reporting requirements, Self-employed. 2012 tax form Skyboxes, Skyboxes and other private luxury boxes. 2012 tax form Spouse, expenses for, Travel expenses for another individual. 2012 tax form , Expenses for spouses. 2012 tax form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 2012 tax form , The standard meal allowance. 2012 tax form Standard mileage rate, What's New, Standard Mileage Rate, The standard mileage rate. 2012 tax form Depreciation adjustment for using, Depreciation adjustment when you used the standard mileage rate. 2012 tax form Form 2106, Standard mileage rate. 2012 tax form Statutory employees, Statutory employees. 2012 tax form T Tables and figures 50% limit determination (Figure A), 50% Limit Daily business mileage and expense log (Table 6-2), Table 5-2. 2012 tax form Daily Business Mileage and Expense Log Name: Entertainment expenses, determination of deductibility (Table 2-1), Table 2-1. 2012 tax form When Are Entertainment Expenses Deductible? Maximum depreciation deduction for cars table, Maximum Depreciation Deduction for Cars Modified Accelerated Cost Recovery System (MACRS) 2011 chart (Table 4-1), Table 4-1. 2012 tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2012 tax form ) Proving expenses (Table 5-1), Table 5-1. 2012 tax form How To Prove Certain Business Expenses Reporting reimbursements (Table 6-1), Table 6-1. 2012 tax form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Transportation expenses, determination of deductibility (Figure B), Gift or entertainment. 2012 tax form , Illustration of transportation expenses. 2012 tax form Travel expenses, determination of deductibility (Table 1-1), Table 1-1. 2012 tax form Travel Expenses You Can Deduct Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Tax help, How To Get Tax Help Tax home, determination of, Tax Home Temporary job assignments, Temporary Assignment or Job Temporary work location, Temporary work location. 2012 tax form Tickets, Entertainment tickets. 2012 tax form , Gift or entertainment. 2012 tax form Season or series tickets, Season or series tickets. 2012 tax form Traffic violations, Fines and collateral. 2012 tax form Tools Hauling tools, Hauling tools or instruments. 2012 tax form Trade association meetings, Trade association meetings. 2012 tax form Trade-in of car, Car trade-in. 2012 tax form , Trade-in. 2012 tax form Traffic tickets, Fines and collateral. 2012 tax form Transients, Tax Home Transition rules, Transition Rules Example High-low method, High-low method. 2012 tax form High-low method, High-low method. 2012 tax form Regular federal method, Federal per diem rate method. 2012 tax form Transportation expenses, Transportation, Depreciation deduction for the year of disposition. 2012 tax form Car expenses, Car Expenses, Reporting inclusion amounts. 2012 tax form Deductible (Figure B), Gift or entertainment. 2012 tax form , Illustration of transportation expenses. 2012 tax form five or more cars, Five or more cars. 2012 tax form Form 2106, Transportation expenses. 2012 tax form Transportation workers, Special rate for transportation workers. 2012 tax form , Individuals subject to hours of service limits. 2012 tax form Travel advance, Reimbursement, allowance, or advance. 2012 tax form , Travel advance. 2012 tax form (see also Reimbursements) Travel expenses, Travel, Cruise Ships Another individual accompanying taxpayer, Travel expenses for another individual. 2012 tax form Away from home, Traveling Away From Home, Tax Home Deductible, What Travel Expenses Are Deductible?, Cruise Ships Summary of (Table 1-1), Table 1-1. 2012 tax form Travel Expenses You Can Deduct Defined, Travel expenses defined. 2012 tax form Going home on days off, Going home on days off. 2012 tax form In U. 2012 tax form S. 2012 tax form , Travel in the United States Lodging, Standard Meal Allowance Luxury water travel, Luxury Water Travel Outside U. 2012 tax form S. 2012 tax form , Travel Outside the United States Travel to family home, Tax Home Different From Family Home Trucks and vans Depreciation, Trucks and vans. 2012 tax form Transportation workers, Individuals subject to hours of service limits. 2012 tax form Transportation workers' expenses, Special rate for transportation workers. 2012 tax form Two places of work, Two places of work. 2012 tax form U Unclaimed reimbursements, Where To Report Unions Trips from union hall to place of work, Union members' trips from a union hall. 2012 tax form Unrecovered basis of car, How to treat unrecovered basis. 2012 tax form V Volunteers, Volunteers. 2012 tax form W Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Prev  Up     Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Washington Office of the Attorney General

Website: Washington Office of the Attorney General

Address: Washington Office of the Attorney General
Consumer Protection Division
PO Box 40100
1125 Washington St., SE
Olympia, WA 98504-0100

Phone Number: 206-464-6684

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

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Regional Consumer Protection Offices

Tacoma Office of the Attorney General

Website: Tacoma Office of the Attorney General

Address: Tacoma Office of the Attorney General
Consumer Protection Division
1250 Pacific Ave., Suite 105
Tacoma, WA 98402

Phone Number: 253-593-5243

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Vancouver Office of the Attorney General

Website: Vancouver Office of the Attorney General

Address: Vancouver Office of the Attorney General
Consumer Protection Division
1220 Main St., Suite 510
Vancouver, WA 98660

Phone Number: 360-759-2100

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Bellingham Office of the Attorney General

Website: Bellingham Office of the Attorney General

Address: Bellingham Office of the Attorney General
Consumer Protection Division
103 E. Holly St., Suite 310
Bellingham, WA 98225

Phone Number: 360-676-2037

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Seattle Office of the Attorney General

Website: Seattle Office of the Attorney General

Address: Seattle Office of the Attorney General
Consumer Protection Division
800 5th Ave., Suite 2000
Seattle, WA 98104

Phone Number: 206-464-7744

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Spokane Office of the Attorney General

Website: Spokane Office of the Attorney General

Address: Spokane Office of the Attorney General
Consumer Protection Division (Eastern Washington)
1116 W. Riverside Ave.
Spokane, WA 99201-1194

Phone Number: 509-456-3123

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

Kennewick Office of the Attorney General

Website: Kennewick Office of the Attorney General

Address: Kennewick Office of the Attorney General
Consumer Protection Division
8127 W. Klamath Ct.
Kennewick, WA 99336-2607

Phone Number: 509-734-7285

Toll-free: 1-800-551-4636 (WA)

TTY: 1-800-833-6388

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Division of Banks
PO Box 41200
Olympia, WA 98504-1200

Phone Number: 360-902-8704

Toll-free: 1-877-746-4334
1-888-976-4422 (in Spanish) 1-888-976-4422 (in Spanish)

TTY: 360-664-8126

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Office of the Insurance Commissioner

Website: Office of the Insurance Commissioner

Address: Office of the Insurance Commissioner
Consumer Protection
PO Box 40256
Olympia, WA 98504-0256

Phone Number: 360-725-7080

Toll-free: 1-800-562-6900 (WA)

TTY: 360-586-0241

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
Division of Securities
PO Box 9033
Olympia, WA 98507-9033

Phone Number: 360-902-8760

Toll-free: 1-877-746-4334

TTY: 360-664-8126

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Utilities and Transportation Commission

Website: Utilities and Transportation Commission

Address: Utilities and Transportation Commission
Consumer Protection
PO Box 47250
Olympia, WA 98504

Phone Number: 360-664-1160

Toll-free: 1-888-333-9882

TTY: 1-800-416-5289

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The 2012 Tax Form

2012 tax form 4. 2012 tax form   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. 2012 tax form However, the information shown on the filled-in forms is not from any actual person or scenario. 2012 tax form Example 1—Mortgage loan modification. 2012 tax form    In 2007, Nancy Oak bought a main home for $435,000. 2012 tax form Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. 2012 tax form The loan was secured by the home. 2012 tax form The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. 2012 tax form In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. 2012 tax form    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. 2012 tax form The FMV of Nancy's home at the time of the refinancing was $500,000. 2012 tax form Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. 2012 tax form After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. 2012 tax form   In 2013, Nancy was unable to make her mortgage loan payments. 2012 tax form On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. 2012 tax form Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. 2012 tax form   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. 2012 tax form Identifiable event code "F" appears in box 6. 2012 tax form This box shows the reason the creditor has filed Form 1099-C. 2012 tax form To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. 2012 tax form Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. 2012 tax form   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. 2012 tax form Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. 2012 tax form Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. 2012 tax form Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). 2012 tax form   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. 2012 tax form Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). 2012 tax form Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. 2012 tax form You can see Nancy's Form 1099-C and a portion of her Form 1040 below. 2012 tax form Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 1040, U. 2012 tax form S. 2012 tax form Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. 2012 tax form    In 2005, John and Mary Elm bought a main home for $335,000. 2012 tax form John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. 2012 tax form The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. 2012 tax form   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. 2012 tax form Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. 2012 tax form   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. 2012 tax form Identifiable event code "D" appears in box 6. 2012 tax form This box shows the reason the creditor has filed Form 1099-C. 2012 tax form In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. 2012 tax form In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. 2012 tax form Their sample Form 1099-C is shown on this page. 2012 tax form   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). 2012 tax form However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. 2012 tax form   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). 2012 tax form Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. 2012 tax form Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. 2012 tax form As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. 2012 tax form Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. 2012 tax form Thus, John and Mary leave line 10b of Form 982 blank. 2012 tax form   John and Mary must also determine whether they have a gain or loss from the foreclosure. 2012 tax form John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. 2012 tax form Because this loss relates to their home, it is a nondeductible loss. 2012 tax form   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. 2012 tax form John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 1099-C, Cancellation of Debt Table 1-1. 2012 tax form Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. 2012 tax form Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 2012 tax form Otherwise, go to Part 2. 2012 tax form 1. 2012 tax form Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. 2012 tax form 00 2. 2012 tax form Enter the fair market value of the transferred property $290,000. 2012 tax form 00 3. 2012 tax form Ordinary income from the cancellation of debt upon foreclosure or repossession. 2012 tax form * Subtract line 2 from line 1. 2012 tax form If less than zero, enter zero. 2012 tax form Next, go to Part 2 $ 25,000. 2012 tax form 00 Part 2. 2012 tax form Gain or loss from foreclosure or repossession. 2012 tax form   4. 2012 tax form Enter the smaller of line 1 or line 2. 2012 tax form If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. 2012 tax form 00 5. 2012 tax form Enter any proceeds you received from the foreclosure sale   6. 2012 tax form Add line 4 and line 5 $290,000. 2012 tax form 00 7. 2012 tax form Enter the adjusted basis of the transferred property $335,000. 2012 tax form 00 8. 2012 tax form Gain or loss from foreclosure or repossession. 2012 tax form Subtract line 7 from line 6 ($ 45,000. 2012 tax form 00) * The income may not be taxable. 2012 tax form See chapter 1 for more details. 2012 tax form Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. 2012 tax form Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. 2012 tax form Credit card debt $ 5,500 2. 2012 tax form Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. 2012 tax form Car and other vehicle loans $ 4. 2012 tax form Medical bills owed $ 5. 2012 tax form Student loans $ 6. 2012 tax form Accrued or past-due mortgage interest $ 7. 2012 tax form Accrued or past-due real estate taxes $ 8. 2012 tax form Accrued or past-due utilities (water, gas, electric) $ 9. 2012 tax form Accrued or past-due child care costs $ 10. 2012 tax form Federal or state income taxes remaining due (for prior tax years) $ 11. 2012 tax form Judgments $ 12. 2012 tax form Business debts (including those owed as a sole proprietor or partner) $ 13. 2012 tax form Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. 2012 tax form Other liabilities (debts) not included above $ 15. 2012 tax form Total liabilities immediately before the cancellation. 2012 tax form Add lines 1 through 14. 2012 tax form $ 320,500 Part II. 2012 tax form Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. 2012 tax form Cash and bank account balances $ 6,000 17. 2012 tax form Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. 2012 tax form Cars and other vehicles $ 19. 2012 tax form Computers $ 20. 2012 tax form Household goods and furnishings (for example, appliances, electronics, furniture, etc. 2012 tax form ) $ 21. 2012 tax form Tools $ 22. 2012 tax form Jewelry $ 23. 2012 tax form Clothing $ 24. 2012 tax form Books $ 25. 2012 tax form Stocks and bonds $ 26. 2012 tax form Investments in coins, stamps, paintings, or other collectibles $ 27. 2012 tax form Firearms, sports, photographic, and other hobby equipment $ 28. 2012 tax form Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. 2012 tax form Interest in a pension plan $ 30. 2012 tax form Interest in education accounts $ 31. 2012 tax form Cash value of life insurance $ 32. 2012 tax form Security deposits with landlords, utilities, and others $ 33. 2012 tax form Interests in partnerships $ 34. 2012 tax form Value of investment in a business $ 35. 2012 tax form Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. 2012 tax form Other assets not included above $ 37. 2012 tax form FMV of total assets immediately before the cancellation. 2012 tax form Add lines 16 through 36. 2012 tax form $ 309,000 Part III. 2012 tax form Insolvency 38. 2012 tax form Amount of Insolvency. 2012 tax form Subtract line 37 from line 15. 2012 tax form If zero or less, you are not insolvent. 2012 tax form $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. 2012 tax form    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. 2012 tax form Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. 2012 tax form Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. 2012 tax form   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. 2012 tax form The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. 2012 tax form On December 26, 2013, the lender canceled the remaining debt. 2012 tax form Kathy and Frank have no tax attributes other than basis of personal-use property. 2012 tax form   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). 2012 tax form Identifiable event code "D" appears in box 6. 2012 tax form This box shows the reason the creditor has filed Form 1099-C. 2012 tax form Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. 2012 tax form Kathy and Frank are filing a joint return for 2013. 2012 tax form   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. 2012 tax form Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). 2012 tax form Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. 2012 tax form Because this loss relates to their home, it is a nondeductible loss. 2012 tax form   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. 2012 tax form Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. 2012 tax form Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. 2012 tax form The household furnishings originally cost $30,000. 2012 tax form The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. 2012 tax form Kathy and Frank had no adjustments to the cost basis of the car. 2012 tax form Kathy and Frank had no other assets or liabilities at the time of the cancellation. 2012 tax form Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). 2012 tax form   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. 2012 tax form Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). 2012 tax form Kathy and Frank had no other assets or liabilities at that time. 2012 tax form Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. 2012 tax form   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. 2012 tax form The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. 2012 tax form The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. 2012 tax form Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. 2012 tax form Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). 2012 tax form This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. 2012 tax form   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. 2012 tax form Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. 2012 tax form Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. 2012 tax form Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). 2012 tax form   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. 2012 tax form Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. 2012 tax form Thus, Kathy and Frank leave line 10b of Form 982 blank. 2012 tax form However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. 2012 tax form As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. 2012 tax form Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). 2012 tax form Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. 2012 tax form Kathy and Frank reduce the basis in the car by $14,956. 2012 tax form 52 ($43,000 x $16,000/$46,000). 2012 tax form And they reduce the basis in the household furnishings by $28,043. 2012 tax form 48 ($43,000 x $30,000/$46,000). 2012 tax form   Following are Kathy and Frank's sample forms and worksheets. 2012 tax form Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 1099-C, Cancellation of Debt Table 1-1. 2012 tax form Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. 2012 tax form Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 2012 tax form Otherwise, go to Part 2. 2012 tax form 1. 2012 tax form Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. 2012 tax form 00 2. 2012 tax form Enter the fair market value of the transferred property $1,750,000. 2012 tax form 00 3. 2012 tax form Ordinary income from the cancellation of debt upon foreclosure or repossession. 2012 tax form * Subtract line 2 from line 1. 2012 tax form If less than zero, enter zero. 2012 tax form Next, go to Part 2 $0. 2012 tax form 00 Part 2. 2012 tax form Gain or loss from foreclosure or repossession. 2012 tax form   4. 2012 tax form Enter the smaller of line 1 or line 2. 2012 tax form If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. 2012 tax form $1,750,000. 2012 tax form 00 5. 2012 tax form Enter any proceeds you received from the foreclosure sale   6. 2012 tax form Add line 4 and line 5 $1,750,000. 2012 tax form 00 7. 2012 tax form Enter the adjusted basis of the transferred property $3,000,000. 2012 tax form 00 8. 2012 tax form Gain or loss from foreclosure or repossession. 2012 tax form Subtract line 7 from line 6 ($1,250,000. 2012 tax form 00) * The income may not be taxable. 2012 tax form See chapter 1 for more details. 2012 tax form    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. 2012 tax form Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. 2012 tax form Credit card debt $ 18,000 2. 2012 tax form Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. 2012 tax form Car and other vehicle loans $ 4. 2012 tax form Medical bills owed $ 5. 2012 tax form Student loans $ 6. 2012 tax form Accrued or past-due mortgage interest $ 7. 2012 tax form Accrued or past-due real estate taxes $ 8. 2012 tax form Accrued or past-due utilities (water, gas, electric) $ 9. 2012 tax form Accrued or past-due child care costs $ 10. 2012 tax form Federal or state income taxes remaining due (for prior tax years) $ 11. 2012 tax form Judgments $ 12. 2012 tax form Business debts (including those owed as a sole proprietor or partner) $ 13. 2012 tax form Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. 2012 tax form Other liabilities (debts) not included above $ 15. 2012 tax form Total liabilities immediately before the cancellation. 2012 tax form Add lines 1 through 14. 2012 tax form $ 768,000 Part II. 2012 tax form Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. 2012 tax form Cash and bank account balances $ 15,000 17. 2012 tax form Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. 2012 tax form Cars and other vehicles $ 10,000 19. 2012 tax form Computers $ 20. 2012 tax form Household goods and furnishings (for example, appliances, electronics, furniture, etc. 2012 tax form ) $ 17,000 21. 2012 tax form Tools $ 22. 2012 tax form Jewelry $ 23. 2012 tax form Clothing $ 24. 2012 tax form Books $ 25. 2012 tax form Stocks and bonds $ 26. 2012 tax form Investments in coins, stamps, paintings, or other collectibles $ 27. 2012 tax form Firearms, sports, photographic, and other hobby equipment $ 28. 2012 tax form Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. 2012 tax form Interest in a pension plan $ 30. 2012 tax form Interest in education accounts $ 31. 2012 tax form Cash value of life insurance $ 32. 2012 tax form Security deposits with landlords, utilities, and others $ 33. 2012 tax form Interests in partnerships $ 34. 2012 tax form Value of investment in a business $ 35. 2012 tax form Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. 2012 tax form Other assets not included above $ 37. 2012 tax form FMV of total assets immediately before the cancellation. 2012 tax form Add lines 16 through 36. 2012 tax form $ 42,000 Part III. 2012 tax form Insolvency 38. 2012 tax form Amount of Insolvency. 2012 tax form Subtract line 37 from line 15. 2012 tax form If zero or less, you are not insolvent. 2012 tax form $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. 2012 tax form Please click the link to view the image. 2012 tax form Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications