Yes, you may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. An expert wrote:Assuming the income is from winnings you can report the winnings and losses as shown below. If the Form 1099-MISC has an amount in box 3 you can use the steps below without entering the Form 1099-MISC itself. Winnings shouldn't be reported on this document. To report your gambling winnings and losses you can use the steps below. Gambling winnings are reported by following the steps below. Sign into your TurboTax account (online or desktop) Pick up where you left off Federal Tax Wages & Personal Income Less Common Income Prizes, Awards, Gambling Winnings enter the full amount of the winnings Enter the gambling losses (see image attached for assistance) Gambling winnings are taxable income and any gambling losses to the extent of the amount of winnings is deductible as an itemized deduction under miscellaneous expense (not limited by a percentage of income) if this works for you . If services were performed then income would be reported on Form 1099-MISC in box 7, as nonemployee compensation. This would be considered self employment income. You can add a comment if this applies to you. @kishelts

Question

I received a 1099-MISC from a casino for prizes won. Can I deduct gambling losses against a 1099-MISC

Forum|Forum|3 years ago
April 8, 2023
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MichaelG81

Yes, you may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses.

An expert wrote:

Assuming the income is from winnings you can report the winnings and losses as shown below.

If the Form 1099-MISC has an amount in box 3 you can use the steps below without entering the Form 1099-MISC itself. Winnings shouldn't be reported on this document.

To report your gambling winnings and losses you can use the steps below.

Gambling winnings are reported by following the steps below.

Sign into your TurboTax account (online or desktop)
- Pick up where you left off
- Federal Tax
- Wages & Personal Income
- Less Common Income
- Prizes, Awards, Gambling Winnings enter the full amount of the winnings
- Enter the gambling losses (see image attached for assistance)

Gambling winnings are taxable income and any gambling losses to the extent of the amount of winnings is deductible as an itemized deduction under miscellaneous expense (not limited by a percentage of income) if this works for you .

If services were performed then income would be reported on Form 1099-MISC in box 7, as nonemployee compensation. This would be considered self employment income. You can add a comment if this applies to you.