Printable Form 8689 Olathe Kansas 2024-2025

Printable Form 8689 Olathe Kansas: What You Should Know

A qualified farm has either (1) real property or (2) qualified property. A qualified real property has either (1) real property or (2) capital real property subject to a qualified exclusion. A qualified farm income means all income from qualified real property and from non-qualified real property. If you discharge your qualified indebtedness in 2017, the IRS will consider your property to have sold for its fair market value on January 1, 2017, in accordance with the closing statement in your last written report of the year. If your qualified debt was canceled prior to 2017, you may be able to elect to treat the cancellation of debt for any income tax purposes as a release of indebtedness for federal tax purposes. If you wish to do this, you must report all debt canceled before January 1, 2017, and the tax that was so forgiven on your 2025 federal income tax return. If you elected to consider any debt canceled earlier than 2017, you may be able to use Form 982 to reduce or eliminate your interest expense, gain or capital loss, or net capital loss if you make a partial election by October 31, 2017, and December 31, 2023. You may also file Form 982 (Rev. December 2021) if the debt is in excess of your indebtedness exclusion. In addition, you may be able to use Form 982 or amend the qualified principal residence discharges to modify the amount, basis, or basis exclusion that may apply to you. When a debt is canceled, you may be required to include the cancellation in your income as of the date you reported it and any amount in excess of your indebtedness exclusion may be subject to income tax. You are also required to include these amounts after all other discharges (such as a partial election to displace your indebtedness exclusion). Although some taxpayers may be able to take advantage of these provisions to cancel debts early in the year, the discharges are generally not available to taxpayers who file their tax returns in December.  However, a qualified person who cancels or releases qualified farm indebtedness within 5 business days after the close of his or her taxable year (January 14) may not be subject to the tax on the amount canceled. Form 982, Reduction of Tax Attributes Due to Discharge of a Qualified Principal Residence, is sent to you by letter via first-class mail.

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