ILLMAS Posted March 1, 2012 Report Share Posted March 1, 2012 Can someone guide me on this form, doing one for the first time this year, but in this case there was no bankruptcy. I already recorded the sale on Form 4797 and there is gain. Cost 165K A/C Depr. -55K Basis 110K From 1099-C 145K Less Basis -110K Gain 35K On Form 982 I have checked off 1d, box 2 145K and box 3 Yes. Is this the ony things that get filled out? Thanks MAS Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 1, 2012 Report Share Posted March 1, 2012 Did the client receive a 1099_A or a 1099-C? If only a 1099-A, form 982 does not apply. 1099-A shows change of ownership i.e. sale. 1099- C shows cancellation of debt and is the only place a form 982 applies. Client may recieve neither, one or both. There may be many months between the client receiving the two forms. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 1, 2012 Author Report Share Posted March 1, 2012 They did receive a 1099-C. Thanks MAS Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 1, 2012 Report Share Posted March 1, 2012 They did receive a 1099-C. Thanks MAS Was this their primary residence? Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 1, 2012 Author Report Share Posted March 1, 2012 Not in recent years, the last year they lived there was in 2005, the short-sale happened in Jan. 2011. MAS Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 2, 2012 Report Share Posted March 2, 2012 if it was the primary residence and they had a helco loan on it also how do you figure what is cod Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 2, 2012 Author Report Share Posted March 2, 2012 Anyone?? TP has not lived in the house for last 5 years, but continued to own it up to the day of the short sale. Currently there is a gain, however I just want to make sure I have filled out form 982 correctly. "On Form 982 I have checked off 1d, box 2 145K and box 3 Yes. Is this the ony things that get filled out?" Ownership and Use Tests <a class="indexterm" name="d0e2111">[url=""%5D%5B/url%5D To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have: <p class="itemizedlist"> Owned the home for at least 2 years (the ownership test), and YES Lived in the home as your main home for at least 2 years (the use test). OUT OF THE LAST 5 YEARS OF OWNERSHIP, NO TP HAD A SECOND HOME Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 4, 2012 Report Share Posted March 4, 2012 TP had a second home, so no principal residence exclusion. You'll have to look to see if any other exclusions apply. Can't exclude the gain under principal residence either. 1 Quote Link to comment Share on other sites More sharing options...
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