Puzzled7
New Member

Event contracts & 1099-MISC

I've received a 1099-MISC from my broker for an aggregation of event contract outcomes.  The actual realized amount of all of this was a modest loss, however the 1099-MISC only showed the sum of the proceeds from the settlement each event contract - it did not reference the associated basis and thus any net gain/loss.

 

I realize the net loss involved with these is not deductible.  However, how do I simply offset this 1099 income so that the basis can be factored in?  I should not be taxed as if the proceeds are purely income.  How do I enter the associated basis such that no net income is reported, since there was no net income actually realized?