credit card debt worksheets

Re Form 982 Insolvent cx mortgage debt (paid credit cards) and reduction of attributes.?

The cx debt was $16,620.. The insolvent worksheet shows fmv assets $69,004. Liabilities $117,936.
Insolvent amount $48,932. I have read the publications regarding this, but need help with the attribute reduction part. I think it’s zero but some said it can’t be zero. Then I got confused.
The original cost basis of assets was $92,288, Liabilities after cx is $101,316. But the fmv used to determine insolvency now is $69,004. Can you help me out on how to figure the attribute reduction.

If you have done the insolvency calculation correctly you enter the $16,620 on line 2 and check box 1b as well as checking no for line 3. If you would like you can enter 1099-c next to line 21 and a zero on line 21 to show that you have considered the canceled debt. If this was a mortgage debt you likely do not have the asset any longer so you would not need to depreciate it.