I've encountered conflicting info about how to report gambling income as specifically pertains to 1099-MISC forms. As a rule of thumb, I know that non-professionals are required to report gross winnings as other income and itemize losses separately. Are gambling earnings on a 1099 treated differently for some reason? I wouldn't think so, but I get confused when I see examples like the following:
"For calendar year 2023, if you have cash winnings of $2,000 and cash entry fees of $1,000, your net earnings for the year are $1,000. Since it is above the $600 threshold for a Form 1099MISC, in early 2024 you will receive a Form 1099MISC showing $1,000 to report on your 2023 tax return."
So if I receive a record of my winnings via a 1099-MISC, do I only report the net gain, as suggested above? Or, as I suspect, would I still report gross winnings and have to itemize losses?
Here is the tax site quoted from: https://alloysilverstein.com/spring-2023-gambling-winnings-you-can-bet-on-a-tax-season-shake-up/#:~:....
Thank you for your assistance!
