@JotikaT2 wrote:
If this vacation ownership was for personal use, you would only need to hold on to the form and retain it with your tax records.
That is wrong.
A 1099-A is treated as a 'sale' on the tax return. While a 'sale' that results in a loss for personal-use property may not need to be reported (although I would still report it, but as a non-deductible loss), in some cases it result in a GAIN which DOES need to be reported.
