On Feb 11, 2008 6:30 AM, eecounter <eecounter@hotmail.
> I believe any logical person would agree
> that casino issued 1099s for drawings, tournament winnings, and such
> are a direct extension of gambling activity - therefore
> clearly "gambling income" - and therefore you should be able to deduct
> losses against these 1099s.
I remember several years ago looking at one of those JK Lasser tax
books at the store. It had a sidebar detailing this very thing. A
guy had claimed the big prize in a casino drawing (and the 1099 he got
with it) were gambling activity and he could deduct gambling losses
against it. The IRS tried to disallow the deduction, but the tax
court eventually said that since the entries were tied to gambling
activity, the prize was gambling income.
I may be fuzzy on the details and I don't have a cite. Anyone with
this sort of problem should do some research or ask their
accountant/tax preparer.
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
