Tax Preparation Help  
Publication 4681 2008 Tax Year

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:

The “Name shown on return” field contains “John and Mary Elm”. The “Identifying number ”field shows an identification number of “234-00-7890”.
The box on line 1e, “Discharge of qualified principal residence indebtedness” is checked.
Line 2, “Total amount of discharged indebtedness excluded from gross income” shows “$25,000.00”.
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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