1099 Misc

If I received a 1099-Misc for $800, but only $500 was cash and $300 were State lottery tickets, is that consideration for adjustment to value of prizes and awards. I did not receive any value for the tickets?

posted

You would need to include the total amount as income. If you had any lottery winnings, you might be able to deduct the losing tickets up to the amount of your winnings, but only if you itemize deductions.

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