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J
jpnadere
March 15, 2024
Question

I received a 1099-MISC. The form stated I had $54,000 in income but did not include any of the wagers I spent in order to win that money. Can I deduct these purchases?

  • March 15, 2024
  • 2 replies
  • 0 views
I can almost guarantee I spent more than the form says I won. If I cannot deduct the purchases, my tax bill is $14,000 which would destroy my wife and I.

2 replies

B
Bsch4477
March 15, 2024

You can deduct gambling losses not greater than your winnings if you itemize. You should have some documentation of your losses. 

KrisD15
KrisD15
March 15, 2024

Remember that as far as tax reporting goes, taxable income is winnings for the year less losses or cost of the year.

Most "Fantasy Sport" sites only issue the 1099-MISC for your profit, or the difference, your winnings over your cost. 

 

HERE is a link with more information. 

 

@jpnadere 

 

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