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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Resolved Question:

I think I screwed up big time.
This is the first year I received SS survivor benefits.
I will have a 1099 for consulting for 16,000, which was fine because I also have deductions.

Here is the problem:

I played online wordgames for a good part to 2007, not to win money but to take my mind of things. And I just got a form that said they would report 13,300 dollars as other income on a 1099, which of course brings me way over the social security limit. I did not take those winnings out but simply continued playing more tournaments most of which I lost. Can I deduct the Cash Entry fees associated with tournaments lost from the 13,300? Next time I will simply see a shrink:) Also, can I take off any other losses?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.


You must report the amount of you winnings.

you may deduct your gambling losses - up to the amount you won - $13,300. You would need to take this deduction on your schedule A and should itemize to take such deduction. And you would need a proof of all your losses.

To get better benefits from itemized - you may add any mortgage interest, real estate and property tax, charitable contributions, etc.

I do not think that this income will affect your SS benefits, as this is not earned income.

Please let me know if any clarification needed.

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