I received a 1099K today. I mostly use my paypal for chumba casino through facebook. Even though I have 200 transactions and received over 20K. I have given chumba way more than that. Do I still have to pay taxes on that money even though my losses were much greater? Thanks for any help. I am done with chumba and gambling in general. This is freaking my out.
same for me! i only use it to play online and had no idea it would send me a 1099. I have spent way more i know! Just not sure what to do about this. And i'm also done with playing and using paypal for this!
That's so weird. I emailed them a while back and asked if they send us a 1099. I wanted to make sure before I played. I was told they do not send any tax documents for winnings and that it was up to me to talk to my tax person about requirements for where I live. I cashed out about $1000 and didn't receive a 1099.
If you got a 1099, you need to report it though. If it's recorded as gambling winnings, there is also a spot to report gambling losses. You can actually view your transactions on Chumba and see how much you spent. However, since Chumba claims it is not gambling, but rather sweepstakes, I don't know if you can record your losses.
I filed my 1040 with the IRS then was surprised when i got a 1099-k from Chumba. How did you all file if I may ask. I called a tax attorney and they good over a grand from me to review the 'case' then told me it would cost me $17,500 to fix this issue!!! Chumba scammed me by taking extra payments from my credit cards, it's a mess but wondering if you filed this as a hobby income or was there another way. Any help would be appreciated.
I won 13000this month And lost 5000 last year never got any form for loss from paypal I had 4400 in my cc i put to chumba and won couple hundred i cashed out and out tht 5000 back in order of 5 transaction of 1000$ Win some , cash d out and put it back I was keep rotating money every day and cashing out Now just heared some stories that PayPal doesnt count total loss or win Thay count total paid but not wich become more then 50000 what i never made i was keep rotating 4400 and made 13000 thts it I need to know is this true this is how they work ? How did ur taxes went As much information will be helpful Please help
