I was able to reach out to CPA regarding this matter and what I was told is I have to report 1099K as income but use the schedule A for itemized deductions and report up to the same amount as my gambling losses ( I actually lost during the fiscal year 2022). The only caveat with this is the AGI will be super high and in case if we get audited be ready with the paper trial
@Anon95
@Kris52
