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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?
‎April 6, 2025
2:28 PM