Let's say I had approximately $5000 in DFS winnings on Draft Kings and received a 1099-misc. And say I also had losses of $1000 on FanDuel DFS, over $6000 in casino slots/tables, and $500 in online horse betting. My question is, can I off set the entire gain with my losses and not pay taxes on my gain since I lost more? Or can I only use my losses as a deduction and really only get partial relief of the tax owed? Or am I unable to count any of my losses and owe taxes on the full $5000 gain?
