I had a creditor cancel a $3800 debt and issue me a 1099-c. At the time they cancelled it I had a total debt of about $32000 and about $25000 in assets. I plan to use form 982 to avoid paying taxes on this. If I check box 1b and enter the amount on line 2, is there anything else to do?

For line 10a I'm supposed to enter the lesser of the basis of my assets, the debt cancelled, or the total excess of my assets over my total debt. Since I still owe more than I have in assets that would be a negative number. Do I just enter 0 on line 10a?


Thanks.