[vpFREE] Re: 1099's

--- In vpFREE@yahoogroups.com, "Don the Dentist" <dds6@...> wrote:
>
> I don't think this is correct. My understanding is that comps are not taxable. Where did you get this information from?
>
> Don the Dentist
>
> --- In vpFREE@yahoogroups.com, "tsaimitch" <tsai@> wrote:
> >> The value of "comps" received are considered to be gaming winnings and should be included in your total winnings. This does allow you to deduct gaming losses to offset the income from the "comps."

All the stuff in my post came from the weblinks in the post.

Comps are taxable came from http://www.casinogaming.com/features/taxlaws.html

I haven't filed any significant casino losses, so this casino website could be wrong.
However, this fits my knowledge of "comps" in other non-gambling arenas. For example, "free gym memberships" from an employer are taxable, so the $120/month cool gym membership, still ends up costing $30-60/month in taxes. Bummer.

If gamblers have been IRS-approved for not reporting "comps", awesome! I receive as much in "comps" as I do in "winnings". I've only had three taxables while gambling (2 tournaments & 1 slot payout), so I'm a newbie in this area (and may need help from others on this board if my winnings/losses become significant in the future).

Just depends on what passes actual IRS audits. Tax law is so complicated. In 30 years of filing personal & business tax returns, I don't think any of my tax returns is 100% correct. Most of the time the differences wash out in the long-run so I'm lazy and don't file amended returns.

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