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02-06-2006, 09:10 AM
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High School Varsity
Join Date: Oct 2000
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1099 Misc / CBS Sportsline
I had a pretty good fantasy sports season on CBS Sportsline and received a 1099 Misc for my "troubles". My question is regarding tax deducting for the entry price to play in the leagues. I believe that I can deduct the entry costs if I itemize, but is there a way to do that if I take the standard deduction? I have not yet bought a home, will do so this year, so I don't think I can itemize. Can anyone help?
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02-06-2006, 09:13 AM
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lolzcat
Join Date: Oct 2000
Location: Annapolis, Md
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You need to itemize if you want to claim the deduction.
And you always can itemize.. it's just a question of whether it makes sense to do so. If you're not paying mortgage interest, it's fairly likely that it won't serve you to itemize, and you're just out of luck here. Last edited by QuikSand : 02-06-2006 at 09:14 AM. |
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02-06-2006, 09:15 AM
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Rider Of Rohan
Join Date: Jul 2001
Location: Port Angeles, WA or Helm's Deep
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I believe you can always itemize, it's just whether or not you'll have much to itemize.
 Edit: Dammit, Quik, you sneaked that edit into your message while I was typing. 
__________________
It's not the years...it's the mileage. Last edited by WSUCougar : 02-06-2006 at 09:45 AM. |
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02-06-2006, 09:22 AM
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#4 |
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High School Varsity
Join Date: Oct 2000
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I don't think that I will have enough this year, without the mortgage interest yet, to justify itemizing. You both confirmed what I thought - no way to deduct the expenses without itemizing.
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