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?

[jpnadere]

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.

[Bsch4477]

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

[KrisD15]

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