If Form 1099-A relates to personal property, like your personal residence or a second home that you used only for vacations, you don't need to report it. However, hang onto this form and keep it with your tax records.

On the other hand, if you got a 1099-A for business or investment property (like a rental), we highly recommend that you consult a tax professional for further advice. A timeshare is considered a rental if it is rented to third parties more than 14 days per year. Or if you purchased the timeshare with the intention to hold it solely for appreciation (no personal use), then it would be considered to be an investment.