I have a client who has “won” $1,467.00 in Tournament Pool. She has received a 1099-Misc. Could it be winnings like in games of change (cards, lotteries etc), or is it taxable. If taxable can she claim expenses? Six trips to Portland from Victoria certainly wiped out any financial benefit.
Form 1099-MISC: Miscellaneous Income (or Miscellaneous Information, as it’s now called) is an Internal Revenue Service (IRS) form used to report certain types of miscellaneous compensation, such as rents, prizes, and awards, healthcare payments, and payments to an attorney.