[vpFREE] Re: What about 1099-MISC Gambling Income

> My CPA reports them separately because the 1099 misc winnings are >deductible only after they exceed a certain percent of your income.
> I don't consider a 1099 win a gambling win, and I don't think the IRS >does either.

Fortunately, that is not the case. You can include 1099 wins in your gambling wins, as long as certain conditions are met.

For example, if the only way one can win a drawing is to participate in a gambling activity (e.g. earn points playing slots or VP which will give you drawing entries), then the 1099 can be included in gambling wins and be offset by gambling losses.

I have done so for the past number of years. My accountant has always included a note of explanation as to why they are included. So far, so good...no questions from the IRS and no audits.

Don the Dentist

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