There is a way to deduct those losses – we’ll get into that later. This is not a net amount – so it doesn’t factor in any bets you lost. 1099-MISC, Miscellaneous Income: The 1099-MISC form is sent to anybody who racks up at least $600 in winnings throughout the year from a single casino operator, not counting the wager amounts you won back.W-2G, Certain Gambling Winnings: The W-2G form is sent to anybody who wins $600 or more in a single bet if the winnings are at least 300 times the wager.
