<<I've been told that losses can't be deducted against what
income is reported on 1099s.>>
That is wrong information as a general "rule." It depends on what the 1099 is from.
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Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
http://jscott.lvablog.com/
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From: mailto:vpFREE@yahoogroups.com
Sent: Monday, April 13, 2015 1:42 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 1099's
>No need to get it changed. I always total them with my W-2G's and report them under gambling winnings. Most years I just put a note "Includes all W-2G's and gambling related 1099's". Others have advocated this method and I have yet to get an IRS inquiry letter.
This may be another area where doing it wrong is unlikely to get
flagged. I've been told that losses can't be deducted against what
income is reported on 1099s.
[Non-text portions of this message have been removed]
Posted by: "Queen of Comps" <queenofcomps@cox.net>
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