I have seen this question posted multiple times and never directly answered. I have a single large gambling win that was reported on a 1099-Misc form. I have documented gambling losses much greater than this win. I itemize my deductions on Turbotax since the itemized deductions exceed the standard deduction. Is there anywhere in Turbotax that I can offset the 1099-Misc gambling win against my losses? Please keep in mind the following in answering this question:
1. I itemize all of my deductions since they exceed the standard deduction.
2. The 1099-Misc gambling win is NOT a W-2G, nor will it ever be issued as a W-2G. The 1099-Misc win can be clearly documented as a win that required gambling, not a lottery win etc.
3. I have all of the documentation required to report my gambling losses as well as the nature of my 1099-Misc gambling win.
4. Turbotax does allow gambling losses to offset gambling winnings if the gambling winnings are reported on a form W-2G - I already know that.
5. So far, nowhere has anyone reported how to do this, or if it is possible.
6. Please don't repost links to IRS regulations or previous Turbotax threads - I have already read them and they do not address the issue of the infamous 1099-Misc form and where to deduct losses against that form.
Anyone willing to try again and avoid going down the same rabbit hole? If it is impossible to do, I can unhappily live with that answer, but please just say so.
