PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Yes, report all your gambling winnings, regardless of how they were reported to you. You may include whatever was in the amount on Form 1099-K unless it was also reported on a W-2. You do not need to report all the income reported on the 1099-K. If the total from the 1099-K is more than your winnings and is not another type of income you need to report, then you can ignore the rest. 

 

The IRS expects you to report all your gambling winnings, even if you lost more than you won. Follow the instructions in the post above to report the losses to minimize the tax on your gambling activities. And keep good records to support your tax return.

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