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