Monday, December 12, 2016

Re: [vpFREE] Re: Losing $1 for every tier credit on a 99% machi ne :(



If the 1099 win was based on gambling activity you can.   You have to maintain good records to document all your wins and losses.  If you are using tax preparation software to do your taxes DO NOT enter the Form 1099 in the place requested.  You have to include it under gambling winnings (along with any W-2G's you have).  Later you can list gambling loses up to the amount you claim as winnings.  If your software allows, it's  probably a good idea to state gambling winnings include all W-2g's and gambling related 1099's.

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On Dec 12, 2016, at 8:38 AM, stut70@yahoo.com [vpFREE] <vpFREE@yahoogroups.com> wrote:

 

can you use loses to offset the 1099?

if not, any way to mitigate that 1099 winnings?



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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>


vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm




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