Explore BrainMass

Explore BrainMass

    Tax treatment for gambling winnings/losses for individuals

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Joyce received a Form 1099 for her gambling winnings in the amount of $2100. Joyce is not a professional gambler.

    a. is the income subject to self employment tax?
    b. what type of income is it for tax reporting?
    c. can Joyce deduct any amounts against her gambling income?
    d. where would expense amounts be reported on a tax return?

    © BrainMass Inc. brainmass.com March 4, 2021, 7:35 pm ad1c9bdddf
    https://brainmass.com/business/accounting/tax-treatment-for-gambling-winnings-losses-for-individuals-110902

    Solution Preview

    a. Joyce is not subject to self employment tax because she is not in the business of gambling.

    b. Her ...

    Solution Summary

    Each question is answered following tax law as it relates to individual tax reporting.

    $2.49

    ADVERTISEMENT