Question by P L: Worldwinner 1099-misc- Is there any way to itemize deductions of cash entry fees for worldwinner?
I received a 1099- misc tax statement from Worldwinner. I am wondering if I am able to deduct the cash entry fees associatied with my losses. Worldwinner, from what I understand, is not noted to be lottery or gambling. Thanks
Best answer:
Answer by v b
Oh, right, games of chance and you can win money. This is income and your “losses” are worthless to you.
What do you think? Answer below!
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I’m in the same boat. I checked it out and apparantly if you want to deduct your losses, you have to fill out a Schedule C like you are a business and deduct your losses as business expenses. Seems silly but that’s the way I was told to do it.