1099A received is it income????

[w-panke]

I received a 1099a from Wyndham timeshare. box 2 has $36,351.62 in it

box 4 has $80,388.54 in it.  box 5 is checked.  box 6 has vacation ownership interest written in it.  Do I report this as income?  If so, on what line of the 1040 does it go . and do I have to fill in any other form.  I've read that if a 1099C did not come with it , it does not have to be reported as income. Any clarification of this would be greatly appreciated. Thanks

[Patrice]

Form 1099-A is often more informational than actionable.   If you received a 1099-A because you have abandoned personal property, such as a car, you don't need to report it in your return.

IMPORTANT: If you received a 1099-A for a business- or investment-related property, such as a rental property or company car, see IRS Publication 544 Sales and Other Disposition of Assets and IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions and Abandonments before continuing.

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