--- In vpFREE@yahoogroups.
>
> Connie asked,
>
> "You won a substantial drawing at a casino (drop a ticket in a bucket
> for a chance to win 50K), you were given a check and no federal or
> state taxes were withheld....
> G, 1042-S, or some other statement?
>
> The casino has all the particulars, name, ss#, players card #,
> current address...but to date nothing has been rec'd.
>
> Win/loss statements have been collected for the year's worth of VP,
> and the losses not are not close to the win this year.....but losses
> over the last few years equal or exceed...."
>
> If you're a US citizen you should receive a 1099-MISC. A drawing as
you described is like a sweepstakes and falls under those tax rules
rather than the gambling rules.
>
> These forms (1099s, W-2s, etc.) are required to be mailed by January
31st, so you might not receive the form for another week. Even if you
don't receive the form you're required to report all of your income on
your tax return.
>
> Hope this helps,
>
> Russ Fox
> http://www.taxablet
============
It has been my experience that you can't write off your losses against
a 1099 unless you're filing as a pro.
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