Quote:
Originally Posted by PokerXanadu
You cannot net losses against wins unless you are filing as a pro, using Schedule C. If you use Schedule C, add your 1099-misc to your business income (your software program should allow that) and take your losses (up to a max of your total wins) as a misc business expense on the same form.
If you file as an amateur, you can deduct your losses (up to a max of your total wins) on your Schedule A Itemized Deductions. Your 1099-misc income would go on your Form 1040 as miscellaneous income (i.e., gambling income).
Is this is still true for 2019?
If you file as an amateur, you can deduct your losses (up to a max of your total wins) on your Schedule A Itemized Deductions. Your 1099-misc income would go on your Form 1040 as miscellaneous income (i.e., gambling income).