--- In vpFREE@yahoogroups.
>
> Using Turbo Tax when you enter 1099's it enters them into gross
> gambling income. I'm a little puzzled because the IRS is disallowing
> writing your losses again 1099 wins. I can't believe Turbo Tax would
> make this error. I have used Turbo Tax for many years and it is a
> flawless program. I am inclined to contact them and ask them about
this before I file.>>>>>>>
My accountant does the same thing (i.e. lumps casino issued 1099s in
with other gambling income). 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.
That's not to say that you won't run into an IRS agent who disagrees
with this interpretation.
EE
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