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Retirement tax questions
Just to be clear on my ask… how do I show the IRS that the “income” on my 1099-k, is related to my gambling withdrawals? If I’m reporting my gambling wins and losses (net loss for the year)… how do I show that on my tax return so I’m not paying taxes on the “income” from the 1099-k?
As you can see above, the 1099-k is nearly identical to the amount withdrawn from my sportsbook. I’m just concerned how I can offset this since the W-2G amount is much smaller than the 1099.
January 30, 2023
11:04 PM