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Started By
Message
re: Can gambling losses be deducted from 1099-MISC?
Posted on 1/29/13 at 12:03 pm to sneakytiger
Posted on 1/29/13 at 12:03 pm to sneakytiger
It is reported as other income not subject to SE taxes. Nothing can be used to offset it.
1
Posted on 1/29/13 at 12:23 pm to LSUchuck
Well IRS does say that prizes are subject to FMV.
I also had to pay the international taxes to fly to Nassau. That is normally included in the ticket price. So Im guessing I could reduce the winnings by the 95 dollars per ticket I incured there as well since I have that documented. Likely I will just keep my printout of the real cost and use that to determine FMV.
I also had to pay the international taxes to fly to Nassau. That is normally included in the ticket price. So Im guessing I could reduce the winnings by the 95 dollars per ticket I incured there as well since I have that documented. Likely I will just keep my printout of the real cost and use that to determine FMV.
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