So if someone has a high churn right on sports books/casino via PayPal. If I received this 1099k for a large large amount. However I deposited over 10k more than what they sent me. Aka a 10k net loss on the year. My losses outweighed my wins by 10k. Didn't win anything at any book overall. I can simply write off by itemizing my taxes and write off that entire 1099k amount because it was a loss. I can't write off all the losses however I can write off the quote on quote wins as reported on my 1099k. Is that correct? I think I understand but I believe since I didn't win $ on any sites overall and was down I shouldn't owe any income taxes on that. Thanks!
