Quote:
Originally Posted by pointman
You can't fault Monmouth for this, this is a fact of life. You won a free trip, airfare and hotel. Anytime anyone wins a prize it is income and taxable. It is one of the certainties of life.
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If you are able to prove you are professional gambler, then you can write off expenses towards it but that is a really hard nut to crack.
1099 are brutal if you are not self employed.
Can someone that was in the NHC comment if they got a 1099 for actually qualifying for it. If so, for those guys that get into every tourney, they must have a nightmare of a time regarding the 1099, unless they are claiming they are a professional gambler. I'm wondering if yours was just for the trip expense.