ANSWERS: 3
-
Its the IRS you probably can not resolve it.
-
Losses are not deductible; they are an entertainment expense. Winnings are income. Life is unfair.
-
You certainly can claim your losses against the win! You simply claim the amount from the 1099 as personal income and file long form. You will have to use a schedule A and itemize your deductions. You will only be able to claim losses up to the amount of the win. This is the truth!
Copyright 2023, Wired Ivy, LLC

by 