Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 245 February 6, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 245 February 6, 2004 |
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 » From: Washington, DC Dear TaxMama: I received 1099-MISC forms for internet gaming and fantasy sports. How and where do I claim the losses to offset this income? Please help. Brian  Hi Brian, No kidding? An Internet gaming company issued those? I didn't think any were operating in the USA. Good for them. All right. Report the income on line 21 of the Form 1040, page 1. Be very careful when you take the deduction. It goes on an unusual line on the Schedule A. Put the losses on line 27, the section for 'Other Miscellaneous Deductions'. You may only deduct losses up to your winnings. Be sure to gather your documentation for your losses or gambling charges, and put them in this year's tax folder, while you still have the documents. No doubt, you charged your payments on credit cards. Copy all those pages and total them up. If you're like most of us, you have more losses than winnings. If you were already itemizing, you'll totally wipe out your losses. If you weren't, well ... you'll lose the benefit of your standard deduction. Oh well. Go forth and win a fortune! Best wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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