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pjuarez25
Returning Member

Fantasy Football Deduction

Hello!

 

I received a 1099-MISC for my fantasy football win of $6000 and the entrance fee for that win was $1,000. When I submit the income in turbotax do I claim the net winnings to be $5,000 even though $6,000 is reported to the IRS? From what I read in other forum questions, this should be entered as prize money with the fair market value adjustment to zero. For gambling losses do I enter the $1,000 entry fee so that I am taxed for the $5,000 profit?

 

Many thanks for anyone who could provide guidance.

 

Thanks,

PJ

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2 Replies

Fantasy Football Deduction

pjuarez25
Returning Member

Fantasy Football Deduction

Thank you!

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