Fantasy Football 1099's - Tax help (1 Viewer)

[IC FBGCav]

I am an accountant but not a CPA and never know how to deal with these. They issue 1099 for the amount you win and do not take into account the buy in. I got paid my winnings and was a winner in 2012 but they didn't pay until 2013 where I broke even but had many buyin's.....etc.

 

[ummich10]

I'm a former CPA. My guess is report it as other income, then deduct the buyins on schedule A, line 28 if you itemize, but don't deduct more than the reported winnings. You can't report a net loss. Basically this treats it as gambling income.

 

[Dan Lambskin]

1099-G you can deduct losses up to the amount you won

1099-misc I'm not sure you can deduct anything

*not a CPA...previous experience