IRS has new cancelled debt publication for 1099-Cs?

Question

IRS publication 4681 is out.

It replaces the discussions in publication 544, 908 and form 982. It's very long and--this was a shock--extremely well written.

When a point applies to three sections, it REPEATS the point 3 times instead of the classic IRS writing style of "see the discussion on basis reduction earlier"!!!

Discussions begin with the the simpliest examples that apply to the most people. The final discussion covers the complexity of how to actually do reductions in tax attributes for an owner of rental property or a sole proprietor. (Even though this section reads like a hybrid of forms 8594 and 8592, it's readable.)

Answer 1

Not sure what the question is.

Answer 2

Yes, the IRS has finally got the message that their publications aren't exactly user-friendly. They're in the process of re-writing many of their pubs and notices. OF course, this apparently didn't apply to the notices and info related to the stimulus payment. But in their defense, this whole thing was put together pretty fast.

Answer 3

ok. What is your question?

Answer 4

Thank you for the information!