Question
Cancellation of Credit Card Debt
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
