Question

Mics Income Form

Forum|Forum|6 years ago
April 6, 2020
1 reply
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Received a Misc Inc form for money won in a barrel race. Can I deduct any expenses such ass entry fees from this. I noticed I could under "hobbies" but the income was not reported on the correct form to report as hobbies

A

AlanT222

Yes, you can deduct your expenses if you are a professional barrel races. (You barrel race for income). You would classify the 1099-Misc as self-employment income and report on schedule C along with your expenses.

If you received a 1099-MISC for your self-employed income

Open your return and search for self employed income (use this exact phrase). Select the Jump to link. This will take you directly to the section where you can enter info about your self-employment work, including any 1099-MISCs you have.

You may have to enter some info about your business if you haven't already provided that. You’ll also be able to enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.

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