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Winnings from Online Trivia Game

I won $20K playing an online crowdfunding game. To the play the game you have to buy coins to get yourself to the number one spot and then you win the prize. If I spent $10K in buying coins to get to that top spot can I deduct that $10K on my 2019 tax return when they send me the 1099-Misc showing $20K of income from winning the top spot.

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3 Replies

Winnings from Online Trivia Game

Gamblers like to think they can use losses to offset winnings--it does not really work that way.

 

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

 

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

 

Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

 

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

 

2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Winnings from Online Trivia Game

Yes that is what I understood for gambling winnings and losses. I guess I was trying to understand if winnings on a trivia game as I described would be considered the same as gambling winnings

Winnings from Online Trivia Game

You played a game in the hope of winning money.  That is gambling.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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