This cash prize was the result in winning in a Horse Racing Handicapping Contest.
You needed to pay money to enter many other contests in order to win your way into this National Championship contest which the money was won in There is not a direct buy-in to the National Championship. I believe because no direct money for the entry went into this Tournament they called it a cash prize on 1099-misc. I was hoping to offset some of the winnings with other contest/tournament entry fees that needed to be paid to get into the tournament where the money was won. I figured because it wasn't on W2-G I might be up the creek on using other gambling losses against the 1099-misc.
Your thoughts on the entry fees involved to win my way into the National Championship Tournament would be appreciated.
I also saw a post regarding 1099-misc vs W-2 G taking losses by dakreb siting a case Libutti vs. The Commissioner dated March 7, 1996 where a judge sided with Libutti saying his prizes were based on his volume of gambling to earn the prizes.
