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Hi, played tournament video games for cash at ...

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Hi, played tournament video games...
Hi, played tournament video games for cash at worldwinner.com. I just received a tax form from them stating that those winnings should be filed under 'Other Income' on a 1099 form. They state they only report the winnings minus the tournament costs to the IRS. They do not report the fees associated with any losses on the site. They state that I may be able to list this as well to reduce this income but I should contact a tax adviser. I was told by someone I should list this as self employed income, but I am not sure if that is correct. I already have a full-job and when I selected this on my taxes, most of it didn't apply to me. Any suggestions or help??
Submitted: 9 years ago.Category: Tax
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2/2/2008
Tax Professional: Ed Johnson, Tax Preparer replied 9 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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DearCustomer

You can file as self employed, if you are classified as a professional gambler; but most likely you are not. . It is rare to that a person who has other employment income could classify as a professional gambler.

On the other hand, you would count this as other income, sourced as gambling. But, you would be able to claim expenses of the winnings. So the apportioned cost of accessing the internet to place the wagers, the wager cost, etc.

 

Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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