Re: [vpFREE] Re: 1099's

You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction that is not subject to the 2% limit on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.

--- On Tue, 2/9/10, Don the Dentist <dds6@cox.net> wrote:

From: Don the Dentist <dds6@cox.net>
Subject: [vpFREE] Re: 1099's
To: vpFREE@yahoogroups.com
Date: Tuesday, February 9, 2010, 10:28 AM

 

It depends...best to get in contact with a CPA or EA who has experience filing gaming related tax returns.

Don the Dentist

--- In vpFREE@yahoogroups. com, Dean Nishijima <midorinish@ ...> wrote:
>
> Hi everyone,
>
> For the first time we've had the good fortune to win a slot tournament
> for which a 1099 form was issued. We've heard conflicting reports as
> to whether you can deduct your gambling losses against this win. Any
> help on this matter would be appreciated.
>
> Thanks.
>

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

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