eecounter wrote:
> > 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.
Characterizing 1099-reported income received from casinos as gambling
related income is a sustainable filing position when play is a
prerequisite to participation in the related event.
It's advisable to attach a brief statement identifying the 1099's
which are being reported in this manner. An inability to
electronically match 1099's on file with reported "Other Income" may
flag your return for further review (and possibly a proposed
assessment if it's deemed that you have omitted the income from your
return).
Similarly, identifying W-2G income which has been restated on a
"session" basis can avert similar inconvenience.
- Harry
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