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March 16, 2022
Question

1099-Misc from casino has "rent" but it was a winning

  • March 16, 2022
  • 1 reply
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I received a 1099 Misc from a casino. They listed 2500 under box 1 RENTS, but obviously I didn't rent anything. It was a winnings from a promotion.  How do I report this

1 reply

March 16, 2022

You should request an amended 1099-Misc from the casino.  Regarding where and how to report your 1099-Misc, if you are using TurboTax online, in the Income & Expense category, scroll down the page to Less Common Income, and click on the drop-down arrow to open the window.  Select Miscellaneous Income and respond to the questions that appear on the pages that follow.  

 

You did not mention any gambling losses, but as a way of background, gambling losses are tax deductible, but only to the extent of your winnings and there is the requirement to report all the money you win as taxable income on your return.  But here is the major point to consider, the deduction for gambling losses is only available if you itemize your deductions.  If you claim the standard deduction, then you can't reduce your tax by your gambling losses, but you still need to report your winnings even if you take the standard deduction.  

 

If you are using TurboTax Online, here are the steps to follow to preview your Form 1040 so you can check to see that your gambling winnings are correctly reported on line 8 of your Form 1040:

 

       Open or continue your return.

  1. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  2. With the Tax Tools menu open;
  3. Select Tools.
  4. Next, select View Tax Summary in the pop-up.
  5. Then Preview my 1040 in the left menu.

Below is a link to a TurboTax article that addresses gambling winnings and taxes which you might find helpful. 

 

Can You Claim Gambling Losses on Your Taxes

 

@mikensonya

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