Yes, your 1099-Misc for gambling winnings is reported as 'Other Income' on your tax return.
To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. If you claim the standard deduction,
- You are still obligated to report and pay tax on all winnings you earn during the year.
- You will not be able to deduct any of your losses.
Click this link for more info on Gambling Losses.
@Str8upbrah
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