1099 misc.other income received from race track how to report for 2018-1040 - Spidell

1099 misc.other income received from race track how to report for 2018-1040

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Message Board 1099 misc.other income received from race track how to report for 2018-1040

This topic contains 1 reply, has 2 voices, and was last updated by Anonymous 3 weeks, 2 days ago.

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  • #182397
    Marco Ahtirski
    Participant

    He received a 1099 Misc. 0ther income for $ 5500.00 he kept a journal re losses from the race track for $ 20,000.00 which were cash draw from his bank account can he write off the $ 5500.00 on schedule A as an expense against this, like when you receive W 2 G.

    Thanks

     

  • #182628
    Anonymous

    Either the racetrack used the wrong form, or the $5500 was for some kind of services. I’d try to get a corrected form using the 1099G. Otherwise, treat it as a gambling winning and take the losses on Schedule A