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registered with the IRS FIRE (Filing Information Returns
If a Federal Government agency, certain agencies
connected with the Federal Government, financial institution, credit
union, or an organization having a significant trade or business of
lending money (such as a finance or credit card company) cancels or
forgives a debt you owe of $600 or more, this form must be provided
to you. Generally, if you are an individual, you must include all
canceled amounts, even if less than $600, on the “Other income” line
of Form 1040. If you are a corporation, partnership, or other
entity, report the canceled debt on your tax return. See the tax
However, some canceled debts are not includible, or
fully includible, in your income, such as certain student loans,
certain debts reduced by the seller after purchase, qualified farm
debt, qualified real property business debt, qualified principal
residence debt, or debts canceled in bankruptcy. See Pub. 4681. Do
not report a canceled debt as income if you did not deduct it but
would have been able to do so on your tax return if you had paid it.
Also, do not include canceled debts in your income to the extent you
were insolvent immediately before the cancellation of the debt. If
you exclude a canceled debt from your income, file Form 982.
Furnish Copy B of this form to the
payer by January 31.
File Copy A of this form with the IRS
by February 28. If you file electronically, the due date is
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