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My gambling winning was reported on Form 1099-MISC. I'm going to show the same amount as my gambling losses. How do I report my winning and losses?

 
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2 Replies

My gambling winning was reported on Form 1099-MISC. I'm going to show the same amount as my gambling losses. How do I report my winning and losses?

do you have sufficient other deductions to itemize, before gambling?

 

if your losses are high the answer may be Yes, after gambling.

BillM223
Expert Alumni

My gambling winning was reported on Form 1099-MISC. I'm going to show the same amount as my gambling losses. How do I report my winning and losses?

First, know that you cannot deduct gambling losses in excess of your gambling winnings. Please see this TurboTax FAQ about gambling.

 

Second, you must enter gambling losses under Income (of all places). Go to Less Common Income and click on Start for Prizes, Awards, and Gambling Winnings. After you have entered your gambling winnings, you will be prompted to enter your losses.

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