RE: [vpFREE] 1099's

Thanks very much! That's what I needed to know.

J. T. Spornhauer

_____

From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
Jean Scott
Sent: Wednesday, February 10, 2010 3:18 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 1099's

<<I already have your book and recognize that IRS is very vague on what is
acceptable. I do think that I am going to try to use the session method of
reporting knowing that the IRS will probably challenge. I would feel a
little better if someone has already tried and successful.>>

We (and lots of others) HAVE used the session method successfully for many
years, but we (and others) have been audited once in awhile and questioned
about this. Usually the IRS has accepted explanations but sometimes it has
taken a lot of time to go through the explaining process. So that is why
many people just go with the W-2G figure and adjust the loss figure to get
the same "real" figure.
________________
Jean $¢ott, Frugal Gambler
http://queenofcomps <http://queenofcomps.com/> .com/
You can read my blog at
http://jscott. <http://jscott.lvablog.com/> lvablog.com/

[Non-text portions of this message have been removed]

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