Which lines do I fill out on form 982
I'm filling out form 982. The reason being insolvency for settled credit cards.
My assets are far less than liablities. I need to know what lines to fill out on form 982.
What is line 10b about? Do I have to do this part? And if so... how in the heck do I figure out cost basis?? The IRS told me to put the same amount in line 2 and in 10b. Is this correct? If so... what is the whole cost basis thing, and does it apply to me?:eek:
I can't afford to pay someone to do this, and I don't want to do it wrong.
The insolvency has nothing to do with foreclosure, or anything with my house. I am buying my own house though.
