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Get your taxes done using TurboTax
Thanks for your insight Diane.
I have reviewed your suggestions and they are very valuable.
After consideration, I decided I am NOT itemizing my gambling wins and losses.
If I were to itemize wins and losses, I'd lose the standard deduction, which makes no sense.
I'm not going to ask Paypal for a corrected 1099-k as I don't see that happening.
I entered the 1099 K manually with an offsetting entry, following insructions below.
" the error should be reported on Form 1040, Schedule 1, Additional Income and Adjustments to Income, Part I, Additional Income, Line 8z, Other Income, with an offsetting entry in Part II, Adjustments to Income, Line 24z, Other Adjustments.
After I finished the return, turbotax saw no red flags and said low chance of audit.
Anyone else use this approach using Paypal for Hard Rock Bet transactions?
Thanks.