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1042 S Form

1042 S Form

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Instructions and help about 1042 2019 1042s

video we'll be going over IRS form 982 reduction of tax attributes due to discharge of indebtedness in section 1082 basis adjustment so in other words this is the tax form that you might use to exclude from income certain types of debt discharge so we'll go over ways that you can use form 982 and then we'll go through each part of this one-page tax form in a little bit more detail there are three parts to this part one general information where you outline the type of property indebtedness that you plan to discharge in part two you're oh and in part one you're also going to include calculate the total amount of discharge debt in part two you're going to allocate that discharge debt either as a reduction and basis of certain property or as a reduction or elimination of certain tax credits based on Treasury Department ordering rules so we'll get to that in a little bit and then finally in part three corporate taxpayers that I like t

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