Hello,
I received my 1099-K from PayPal today. The total is about $65k. 100% of these transactions were from gambling on daily fantasy sports apps. I ended up being down for the year, about $5k or so. How would i go about cancelling out the $65k? It seems weird that if i itemize my losses ($65k) , it would be better instead of taking the standard deduction since i'm married. I keep seeing mixed things about it.
Right now, i went into the "Gambling Winnings" > Did not receive a w2-g (because i didn't win anything) > i put in the amount of the 1099k > i then reported the whole 1099k as gambling losses.
Is this the proper way to do it? Seems weird to itemize $65k when my standard deduction would be way less.
