What are the tax implications of filing a 1099-C and showing insolvency (if any)? Thank you.

I had a cancellation of debt on an old credit card. When filling out the insolvent work sheet for the time right before the debt the cancelled, I had around $12,000.00 more liabilities vs. assets. What the are implications if I claim the amout on the 1099-C and show insolvency? Thank you!
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    No impact if you include 1099-C and Form 982 with return; See http://www.irs.gov/pub/irs-pdf/f982.pdf
    1099-C Box 2 amount goes on Line 2 of 982, check Box 1b for reason, and that's it ...

    If you do NOT use form 982, then Box 2 amount goes on Line 21 of Form 1040 as fully taxable "Other Income" ...

    Note - May have to mail in return. TT supports 1099-C for Main Home debt, possibly not other cases ...
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