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Hello and thank you for using Just Answer,The Schedule C would be if you play poker as a full time occupation. That would also mean you would owe Self Employment tax on the winnings over $400.
If you do not gamble as a profession and this was a one time winning
you need to file the winnings as Other and not Schedule C income.
You can claim gambling losses on the Schedule A if you can substantiate them and your Schedule A is more than standard deduction.
So, will I find "other" on the 1040?
Did the casino issue you a 1099 on the winnings?
Was it a W2G?
I don't know
I think it was a 1099
The winnings on the doc you received would be Other Income on your 1040 line 21
You would not pay self employment tax on the winnings
thank you very much. I'll now pay the #10
You are most welcome
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
how do I handle the fact that I don't have any money?
You can request to pay by installment agreement
The IRS will allow you to pay some each month
ok, thanks again!
If you can send some with the return that is good
Your positive rating is always thanks enough.