Thanks for the response, but I do not want to itemize deductions because my standard deduction is much larger. I just want to offset Form 1099-K.
I am planning to put both the gambling payments TO me and FROM me into Schedule 1, Part 1, Line 8. I am not sure yet which specific lines within 8 to use for the payments in each direction. I am also not sure if that really matters. As long as the gambling payments are disclosed, I will hopefully avoid a surprise tax bill in the future.
