In my gambling career I’ve gotten plenty of W2-G’s but I’ve never received a 1099. As I understand it the W2-G’s are issued for gambling wins and 1099’s are issued for prizes and gifts. My question is can you write off gambling losses against 1099’s.
Thanks for any responses.
I’ve done so. Added 1099 into gross gaming wins “Other Income” and made a brief notation on the line description that “$xxxx in gambling-related 1099 income incl (gaming activity required)”
The returns haven’t been flagged for further review/line item audit.
—In vpF…@…com, <mickeycrimm@…> wrote :
In my gambling career I’ve gotten plenty of W2-G’s but I’ve never received a 1099. As I understand it the W2-G’s are issued for gambling wins and 1099’s are issued for prizes and gifts. My question is can you write off gambling losses against 1099’s.
Thanks for any responses.
vp-wiz wrote:
I’ve done so. Added 1099 into gross gaming wins “Other Income” and made a brief notation on the line description that “$xxxx in gambling-related 1099 income incl (gaming activity required)”
The returns haven’t been flagged for further review/line item audit.
I have done the same thing with no adverse impacts.
Don the Dentist.
I think that issue is in “Tax Help for Gamblers”. If you gamble you really need that book, I know that sounds like an ad, but you really do need that book. I think with a 1099misc they may challenge you, at which point you have to prove that you had to gamble (risk money) to get that “free gift”. The problem is in the use of “free gift” by the casino industry when the truth is very little is actually free at a casino. There is stuff that is actually free, you just have to line up to get it, but most of it is small stuff, “swag”, and hopefully they don’t submit paperwork for it. Drawings with big prizes and “free entries” can be a problem.
NOTI, sometimes I think I would forget my head if it wasn’t attached. Just after I made the OP I remembered I had Tax Help For Gamblers in my Kindle Library. I went in and found the answer. But thanks for all the replies.