At a baseball game I went to they passed out tickets at the door to everyone who entered for a chance to win $10,000. I won. Can I write off gambling losses I incurred during that same year for various games of chance? I have receipts for all of my losses.
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Cloudy
Yes you can.
No. That was not won by gambling. You just won a prize.
Winnings that you get by gambling are reported to you on a W-2G. Winnings reported on a 1099 are not gambling – they are just prizes.
You can deduct your losses as an itemized deduction to the extent you have gambling winnings but only if you itemize.
Gambling losses can offset gambling winnings if you itemize. However, they can not offset Prize winnings. As you had to wager nothing to get the $10k, this is a Prize and not Gambling therefore gambling losses can not be used to offset it.