1099 and Taxes on Slots

I intend to enter the MISC data in the open "gambling income" field and attach a letter of explanation that this income is from gambling to justify the 10k gambling loss deduction I intend to enter on Schedule A. Won a car in at a casino.? So I hope other people on this Forum have any opinions or advice about my question. Then why doesnt anyone win till its way over M? Tax question form Misc. Last edited by a moderator:

1099-misc form from casino.

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I am single, a homeowner, itemize deductions, and have found the program works great for me. There is nothing on the MISC that specifically points out that the income was from gambling. My issue comes up while completing the income section of the online version of Turbo Tax Premeir.

I understand that I can deduct documented gambling losses up to the amount I won. However, If I enter the 30k income in the section where MISC forms are entered, the program does not allow me to deduct gambling losses. I intend to enter the MISC data in the open "gambling income" field and attach a letter of explanation that this income is from gambling to justify the 10k gambling loss deduction I intend to enter on Schedule A.

I wanted to gather opinions on doing this. If this seems too out of line or fishy I will ditch Turbo for a professional preparer. Any opinions are welcome, both on the Turbo Tax product and on the gambling income issues. Thank you for your time. Usually the government doesn't make you prove your losses, but you had better be prepared to prove them upon request. Related Questions Recently filed EZ form.

What do I do? Why didn't I get a W2-G? Can I use this win to offset gambling losses? Won a car in at a casino.? Answer Questions What are the best keno numbers or strategies to win Keno in Australia? Why do all casinos have the same games? How does the OLG make sure that every jackpot winner is the right winner and not trying to steal?

Then why doesnt anyone win till its way over M? More tickets sold when pots bigger.

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