Tax Law (Questions About Taxes)/form 982 for Insolvency


I am filling out the worksheet for for 982 to prove insolvency.  My question is, do I need to send in "proof" of FMV of assets and statements showing debt along with this form to the IRS with my tax return?

Thanks for your question today.

Please do not provide any information with your tax return that is not specifically requested. Save all your information in case of an audit. The IRS does not want to wade through documents that are not part of the actual return. This is just like not needing to send receipts for any other deductions.

The Form stands alone and is attached to the return if you are mailing your return in.

Tax Law (Questions About Taxes)

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Randall Klein, MBA, EA


I am an expert in personal and small business taxation, including Forms 1040, 1120, 1120S, 1065. I can answer any type of tax question except those that are requesting help in illegal tax evasion. Tax avoidance is legal, however. I do not do offshore trusts, or opt-out of the tax system type of queries.


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