I received a 1099-MISC. The form stated I had $54,000 in income but did not include any of the wagers I spent in order to win that money. Can I deduct these purchases?

I can almost guarantee I spent more than the form says I won. If I cannot deduct the purchases, my tax bill is $14,000 which would destroy my wife and I.

934

Level 15

Mar 14, 2024 7:53:30 PM

You can deduct gambling losses not greater than your winnings if you itemize. You should have some documentation of your losses.

Expert Alumni

Mar 14, 2024 8:07:56 PM

Remember that as far as tax reporting goes, taxable income is winnings for the year less losses or cost of the year.

Most "Fantasy Sport" sites only issue the 1099-MISC for your profit, or the difference, your winnings over your cost.

HERE is a link with more information.

@jpnadere

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I received a 1099-MISC. The form stated I had $54,000 in income but did not include any of the wagers I spent in order to win that money. Can I deduct these purchases?