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Can gambling losses be deducted from 1099-MISC?
Posted on 1/29/13 at 7:26 am
Posted on 1/29/13 at 7:26 am
The IRS says that Cash and Trips count. But I didnt get a 1099-G for my wife winning 4 plane tickets to the carribean (they valued at 4001). They sent a 1099-MISC. So Im not sure how that will work thats a trip we won. I would think I would be able to deduct anything I lost but not sure if the lack of -G will be problematic. Since it was won through a radio station and not a casino does that not count?
This post was edited on 1/29/13 at 7:28 am
2
Posted on 1/29/13 at 7:36 am to Catman88
Did you pay for a chance to win the trip or just got lucky by being "caller #8"? The second isn't gambling
Posted on 1/29/13 at 10:49 am to Catman88
Gambling losses can be deducted only up to your winnings.
Example:
You win $5,000 in 2012 and lose $7,500. You can only deduct $5,000 of the losses.
You win $5,0000 in 2012 and lose $4,000. You can deduct the whole $4,000 since it is less than your winnings. You would be responsible for taxes on the remaining $1,000 of you winnings.
Example:
You win $5,000 in 2012 and lose $7,500. You can only deduct $5,000 of the losses.
You win $5,0000 in 2012 and lose $4,000. You can deduct the whole $4,000 since it is less than your winnings. You would be responsible for taxes on the remaining $1,000 of you winnings.
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