1099C Cancellation of Debt - Debt discharged and FMV are equal, $62,921.00

Purchased a timeshare for $120K. Could no longer afford debt and annual maint. fees.  Returned the asset to Marriott.  The Debt Discharged and FMV of the property both are $62,921.00.  It seems that the loss on the asset should reduce the taxable amount.