claiming gambling wins and losses on taxes

[nolefan]

I won some money last year gambling- about $4600 from a fantasy football site and they sent me a 1099 miscellaneous income form. I am wondering what amount of gambling losses I can claim against these winnings and have it still look plausible to the IRS (if that's possible). Anybody ever done this? I read you can claim loses up to the amount of claimed winnings, true. Would appreciate any advice.

 

[bodie54]

I read you can claim loses up to the amount of claimed winnings, true

True, but only, I believe, if you have evidence (losing lottery tickets, mutual tickets, etc) to back up your claimed losses.

 

[AFA]

I won some money last year gambling- about $4600 from a fantasy football site and they sent me a 1099 miscellaneous income form. I am wondering what amount of gambling losses I can claim against these winnings and have it still look plausible to the IRS (if that's possible). Anybody ever done this? I read you can claim loses up to the amount of claimed winnings, true. Would appreciate any advice.

If you got a 1099 and it states the $4600, it is considered income and a copy will go to the IRS.

That income will offset gambling losses, (if you saved receipts), but as a gain, I am not sure if it's taxable under the 15% capital gains tax. You Might pay full income tax on this. See an accountant.