Sweepstakes

Hello demetriamoro,

 

You may report your Sweepstakes winnings as Other Income. 

Federal > Wages and Income > Other Income. 

Enter Description and Amount.

 

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

Thank you for your reply! Am I able to report my losses? For example if I spent $3000 buying in to the sweepstakes and cashed out $3000 would it be a wash?  

You can claim an itemized deduction for the amount  of your wager only to the extent of your gains.

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

 

Answer:  You would enter the total, but keep record of your receipts in case of an Audit.