Author Topic: IRS Form 982  (Read 2607 times)

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Ozzie69

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IRS Form 982
« on: March 25, 2011 04:52:58 PM »
     I am looking at filing 982 to prove insolvency on settled credit cards.  There is a worksheet that must be completed showing Assets and Liabilities.  I settled 5 cards at different times in 2010.  Would I have to provide 5 different worksheets since Liab has changed as cards were settled?

     Also, I am self employed and may fudge some numbers when doing my taxes.  I DO NOT want to be audited.  I could prove the insolvency though.  Anyone know if filing 982 in anyway triggers and audit?

Thanks

montag

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Re: IRS Form 982
« Reply #1 on: March 25, 2011 08:16:52 PM »
No, just one 982 per return.  As for your second query:  the next one I see will be the first.  Remember, audits cost them money--the IRS is unlikely to initiate an audit that will probably not yield any back taxes due them.

Ozzie69

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Re: IRS Form 982
« Reply #2 on: March 25, 2011 08:47:35 PM »
I understand 1 982 but what about accompanying worksheet of Assets and Liab??

Admin3496

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Re: IRS Form 982
« Reply #3 on: March 26, 2011 12:36:15 AM »
Also, I am self employed and may fudge some numbers when doing my taxes.  I DO NOT want to be audited.

Debtorboards forum is NOT in the practice of supporting nor encouraging the engaging of "fudging numbers" when doing taxes.

If one must "fudge numbers" when dealing with the IRS, perhaps one should frequent another forum that supports such activity.

If you do not want to be audited; suggestion would be to not "fudge" and create risk for yourself.

Ozzie69

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Re: IRS Form 982
« Reply #4 on: March 28, 2011 03:24:04 PM »
I was not asking for support or encouragement from this forum regarding fudging numbers.  Just looking for help on form 982. 

Agreed though that numbers will be solid since proving solvency is key. 

Flyingifr

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Re: IRS Form 982
« Reply #5 on: March 29, 2011 01:34:00 AM »
To answer the OP's question, I would prepare a separate worksheet for each debt cancellation.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Ozzie69

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Re: IRS Form 982
« Reply #6 on: March 29, 2011 03:01:41 PM »
Thanks for response.  I called IRS and they said same thing.  Weird thing though is they said I do not have to send in with form.  Must keep in file for audit purposes. 

Flyingifr

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Re: IRS Form 982
« Reply #7 on: March 30, 2011 01:14:50 AM »
Worksheets are never required to be filed with a tax return.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

 

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