https://ttlc.intuit.com/community/tax-credits-deductions/discussion/event-contracts-1099-misc/01/3632002#M347910 <P>I've received a 1099-MISC from my broker for an aggregation of event contract outcomes.&nbsp; The actual realized amount of all of this was a modest loss, however the 1099-MISC only showed the sum of the&nbsp;<U>proceeds</U>&nbsp;from the settlement each event contract - it did not reference the associated basis and thus any net gain/loss.</P><P>&nbsp;</P><P>I realize the net loss involved with these is not deductible.&nbsp; However, how do I simply offset this 1099 income so that the basis can be factored in?&nbsp; I should not be taxed as if the proceeds are purely income.&nbsp; How do I enter the associated basis such that no net income is reported, since there was no net income actually realized?</P> Sun, 06 Apr 2025 21:28:29 GMT Puzzled7 2025-04-06T21:28:29Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/event-contracts-1099-misc/01/3632002#M347910 <P>I've received a 1099-MISC from my broker for an aggregation of event contract outcomes.&nbsp; The actual realized amount of all of this was a modest loss, however the 1099-MISC only showed the sum of the&nbsp;<U>proceeds</U>&nbsp;from the settlement each event contract - it did not reference the associated basis and thus any net gain/loss.</P><P>&nbsp;</P><P>I realize the net loss involved with these is not deductible.&nbsp; However, how do I simply offset this 1099 income so that the basis can be factored in?&nbsp; I should not be taxed as if the proceeds are purely income.&nbsp; How do I enter the associated basis such that no net income is reported, since there was no net income actually realized?</P> Sun, 06 Apr 2025 21:28:29 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/event-contracts-1099-misc/01/3632002#M347910 Puzzled7 2025-04-06T21:28:29Z