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sumgorh
New Member

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

my winnings are 2500, but losses close to 10,000

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1 Best answer

Accepted Solutions
TomK
Expert Alumni

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

f you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings.

You won't be able to deduct gambling losses if you lost more money than you won (excess losses) , or if you're taking the standard deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000.

For a more in-depth article about gambling loss deductions, go here .

Enter it under the "Less Common Income".  It should show on line 21 as other income on Schedule 1. 

[Edited 3/09/19 | 3:07pm]

View solution in original post

4 Replies

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

Why did you get a 1099-MISC instead of a W-2G?
sumgorh
New Member

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

That's what they sent, always comes that way from Indian Casino.
TomK
Expert Alumni

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

f you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings.

You won't be able to deduct gambling losses if you lost more money than you won (excess losses) , or if you're taking the standard deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000.

For a more in-depth article about gambling loss deductions, go here .

Enter it under the "Less Common Income".  It should show on line 21 as other income on Schedule 1. 

[Edited 3/09/19 | 3:07pm]
TomK
Expert Alumni

I received a 1099-Misc income form for my gambling winnings. My question is with this income where can I put my losses? What is the maximum of loss I can enter?

Please see updated answer.

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