My withdrawals/deposits were done through paypal for online gambling, so rightfully so I received a 1099-K. Some questions I have:
1. Do I enter the 1099-K AND enter in my wins/losses in the gambling section? It would appear I would be double taxed on it then. Or should I just enter in the correct info in the gambling section and then enter in adjustments to deduct the true gambling portion?
2. Am I able to itemize my deposits as gambling losses? (This way I would be taxed on net winnings).
3. For state taxes, my deductions aren't showing up when I try to do #2 above.
4. I also received a 1099-NEC and was paid partially through Paypal, so the income is reported on both the 1099-K and 1099-NEC. Can I make additional adjustments to the 1099-K form so that the overlapping income isn't taxed twice?
