You can enter the amount from your 1099-MISC in the gambling winnings section. It will first ask you if you received a W-2G for your winnings. After you answer No, it will ask you about winnings not reported on a W-2G (report the amount of your 1099 plus ALL other winnings not reported on W-2G). After that, you can enter gambling losses and if your itemized deductions are more than your standard deduction, the losses will be included on Line 12 of Form 1040.
As noted above, you must keep detailed records of your gambling winnings and losses in case you receive any inquiries. Entries you make in the gambling winnings section and entries you make for 1099-MISC prize winnings both go to Line 8 of Form 1040.
Claiming Gambling Losses on Form 1040 - this article has a lot of good information on both recording keeping and deduction limitations. You can include in your gambling losses the actual cost of wagers plus other expenses connected to your gambling activity, including travel to and from a casino. Keep in mind that the IRS does not permit you to simply subtract your losses from your winnings and report the difference on your tax return.
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