I agree with Jean totally here. I have never had a problem with this nor has my accountant. All my winnings are reported whether they are 1099's, W2G's, or net casino wins without W2G's (note, do not be misled if someone tells u that a $1199 jackpot is not taxeable -it is just you have to remember to include it do no regular paperwork from the casino to you on amounts under $1200. Of course the casino has a record for the gaming control board of a jackpot paid out and if you used your card it will show up as a win but as Jean mentions losses to get there are deductible against it)If your returns shows are winnings, not just the W2G's and 1099's the return is probably much more accurate and much better int he case of an audit. Any IRS agent looking at a tax return and seeing only W2G and 1099 winnings would get suspicious if the lossed matched exactly these form winnings. The casino will give u an annual statement which you can use or givce to your accountant.
queenofcomps <queenofcomps@cox.net> wrote: <<I was under the impression that gambling losses could
not be deducted from 1099's and that losses only could
offset winnings on W-2's. Am I wrong?>>
This is a gray area that the IRS doesn't address. However, many gamblers do list under winning sessions both W2Gs and 1099s amounts that are directly related to gambling activities - like tournaments and casino drawings. Then if they itemize, they offset losing sessions up to the total amount of their winning sessions.
Since the IRS can decide to audit you for any reason, some people have been questioned about this way of filing and you might find that you will have to be very persuasive to win your case.
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