I have a win/loss statement from several casinos I visit. I would LOVE to write off the $35,000 win because I have more dollars in losses from gambling over the whole year and could easily include it. The 100 MISC I got 'just' increased my income dollar amount and I paid the tax that was due for my adjusted income.

I got a refund from the State as too much was withheld.so apparently my taxes were done correctly or they would have notified me and made an adjustment or contacted me. So now what? I've already filed my federal and state taxes. The other suggestion here.(about comps and whatnot.) don't apply to me since I am not a 'professional gambler' which I thought might open me up to having to pay into other fees of the self employed. I entered the 'prize' as a 1099 Misc and it does not consider any 1099 to be gambling winnings. Turbo Tax does not allow this.at least I don't think it does when using the guided method. Though the gains from the slots are reported on Form W-2G, and the gains from the drawings are reported on Form 1099-Misc, the wagering losses for machine play can be offset against both. There is a similar relationship between gains from slot machine play, and gains from drawings where the tickets for the drawings are earned because of, and only because of, machine play. In other words, the character of his gains was the same regardless of how they were received or on what forms they were reported. They pointed out the obvious in saying that such gifts or comps never would have been given to Libutti except for his gambling activity. However, the Tax Court sided with Libutti, in essence saying that the strong relationship between his gambling activities at the casino, and the casino's providing comps or gifts to Libutti all fell into the meaning of 'gains from wagering activities' and, therefore, he could offset his losses against both the wagering winnings (gains) as well as the comps (gains). The IRS took the position that Libutti could not offset his losses against such gifts (comps).

The casino issued 1099-Misc forms to Libutti for the value of these 'comps' or gifts and Libutti, in turn, applied his gambling losses against all of the 1099-Misc income. The casino, in turn, and as an enticement to frequent the casino, gave Libutti expensive gifts, including exotic cars, diamond jewelry, expensive travel vouchers, etc. In that case, a heavy gambler (Libutti) spent millions of dollars gambling at a New Jersey casino. I disagree with because of the case law cited by ngs-reported-on-a-1099-misc/01/2536279#M908987

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