Cancellation of Credit Card Debt

[Glenndd]

I used form 982 in the past when a 1099-C was received to cancel the tax on this transaction. I would select 1b, then enter the amount of cancelled debt on line 2 and line 10a. This would cancel the tax due for this cancelled debt. 

Yesterday I attempted to do this again and the tax was not removed. Was there a change that I am not aware of or something new on the form????????

I would appreciate your input

[qbteachmt]

You can confirm if that meets any exception or exclusion:

https://www.irs.gov/taxtopics/tc431

Otherwise, it is taxable.

[Just-Lisa-Now-]

Ive always used the Canceled Debt Worksheet and fill it in, theres an insolvency worksheet that will compute the amount of insolvency for you and complete the 982..