Pats7914's Daily Fantasy Profile
| Post Count: | 830 |
| Member Since: | November 17th, 2014 |
| Last Visit: | October 31st, 2020 |
Pats7914's Trophies
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Ranked #98
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Recent Forum Posts
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Have to report, but cant report gambling as net winnings, have to report gross and then deduct losses if you arent taking the standard deduction. Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Neither, not at all the way taxes work Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Thanks. Thats all fair, although I would note that the "net method" is not how the DFS operators are reporting income today, they are reporting using the "cumulative net method", which the 2005 letter rejects. The "net method" would not allow us to deduc... Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
DFS is already classified as gambling in certain states and the IRS is not bound by the UIGEA carveouts. Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Yes, that's the CPA article I was thinking off too. Unclear if the IRS would challenge a gambling argument, and the CPA article I think is wrong when they definitively say we can deduct cost of losing entries even on a site where you are a net winner, but ... Read More
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DFS in New York in Jeopardy....Again
They aren't going to pull the plug in NY while they appeal, there is no reason too, but they are close to 100% to pull the plug if they lose appeals. DFS is actually a huge money loser for DraftKings, the value of the site is tied up in sports gambling, t... Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Yes, and logic would suggest that is the case if we can deduct losing entries from winnings on the same site. That said, it is going to be messy to actually try and file that way post tax act changes, definitely increases the chances of your return gettin... Read More
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DFS in New York in Jeopardy....Again
Might be missing something, but not sure why the industry/legislature dont start the process of trying to amend the state constitution now given the reasonably likely chance that they are going to eventually lose the case and the likely length of time it t... Read More
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RotoGrinders Official 2019-2020 DFS Accounting Tax Q&A Thread
Yeah, I mean, DFS would be done and we would all have massive back tax liabilities (including, and maybe even particularly, losing players) so that would be bad! DK not changing their formula this year last I checked with them on this, just FYI. FD hasnt... Read More
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