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  • Heywood9855

    Hi All- I got a letter from the IRS yesterday stating that Draftkings reported to them that I made a profit of $116,000 for 2015. I actually had a net loss of $454.63. I’m assuming that they filed someone else’s information with mine. I contacted support, but really need immediate action on their end. I am hoping a DK employee will see this and reach out to me. Thanks in advance- Kevin

  • rannas23

    Does Draftkings have a tool on their website that tracks the profit or net loss for the tax year? How do they calculate this? Just wondering how others are keeping track of their information.

  • bigez952

    rannas23 under the contests tab you can click on history and download a csv file of every entry you have ever made along what you won. This is the easiest way to see how much you have won or lost in a given year or given sport.

  • kellykip

    The Rotogrinders DFS Analyzer tool is a very good way to keep track of your bottom line – it’s also extremely sortable by sport, buyin, contest type, etc.

    But re: the issue raised, you gotta get in contact with a good CPA immediately.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @Heywood9855 said...

    Hi All- I got a letter from the IRS yesterday stating that Draftkings reported to them that I made a profit of $116,000 for 2015. I actually had a net loss of $454.63. I’m assuming that they filed someone else’s information with mine. I contacted support, but really need immediate action on their end. I am hoping a DK employee will see this and reach out to me. Thanks in advance- Kevin

    I would first go on their site and go to “My Account” and click on “Document Center.” Is there a 1099 out there for you for 2015? If so, and it does not show $116k, then I would just print that out and send it with a response letter to the IRS to show you did not in fact profit $116k.

    If there is not a 1099 out there, then I would contact DraftKings immediately and ask them to make sure they did not send out ANY 1099 with your name and/or especially your social security number on it. If they did, and its obviously incorrect, they should send a revised 1099. They should also be able to send you an email or letter explaining their mistake and you can use that to respond to the IRS.

    If they do not have any history of sending a 1099 with your name or social security number to the IRS, then I would use the bankroll tracker here and/or any profit/loss history that you track to include with a letter to the IRS to show that you did not make $116k on DraftKings. You also should be able to use your account history to show balances, deposits, and withdrawals. It is probably worth it to contact a CPA to draft the letter if you need to go this route.

    While it sucks to get a letter like this, it looks like it is obviously a mistake. You typically have 30 days to respond to the IRS. You should be able to get it cleared up either through the help of DraftKings or at the very least with the information you already have available to you and/or by contacting a CPA.

    PM or Tweet PJGuin23 as well if you need further help/assistance, or a CPA to draft that letter.

  • Heywood9855

    Thanks for the info Stew. There is no document in my “Document Center”. I did look import all my activity for 2015 into Excel and that is where I came up with me $454 net loss. I did contact DK through support and am awaiting their response. This is very urgent obviously and I’m hoping DK will not leave me hanging.

  • neogamer

    • x2

      2013 FanDuel WFBBC Finalist

    • 2015 FanDuel NBA Playboy Mansion Finalist

    Just curious…what was your gross winnings for that year on dk? Did you have anywhere near that kind of number in 2014 or 2105 in profits on the site? I have made some miscalculations my self in the past. Things like live finals and player perks have skewed the numbers for me.

  • Heywood9855

    @neogamer said...

    Just curious…what was your gross winnings for that year on dk? Did you have anywhere near that kind of number in 2014 or 2105 in profits on the site? I have made some miscalculations my self in the past. Things like live finals and player perks have skewed the numbers for me.

    I wish I had those problems neogamer. My gross winnings in 2015 were roughly $12,800 and my entry fees were roughly $13,250. Nothing like live finals for me since CFB went away.

  • mambaland

    taxes taxes taxes pay your fair share we need the help

  • rpolsb

    How much did the IRS want based on $116k?

  • RustyNutz

    @Heywood9855. I would contact the guys over at DFS Accounting Services right away. They’re the #1 firm in the industry as they specialize in DFS winnings, taxes, etc. and are licensed in all 50 states. Their website is dfsaccounting.com

  • Heywood9855

    Just wanted to send a thanks out to Sean and the team at Draftkings for taking care of this issue quickly and with little hassle. The customer service I received was top notch and very much appreciated. Thanks again.

  • jackflak55

    This hadn’t occurred to me.
    How exactly does DK decide when to send out 1099s?
    I recently got tagged with their silly “Big Win” badge, and I’m hoping I don’t get sent a 1099, as I have a small net loss overall.

  • PJGuin23

    DFS Tax Guru

    @Heywood9855 said...

    Just wanted to send a thanks out to Sean and the team at Draftkings for taking care of this issue quickly and with little hassle. The customer service I received was top notch and very much appreciated. Thanks again.

    Sorry I’ve been MIA on this being a father again for the 2nd time, but it’s always better to reconcile with the 1099 issuer rather than the IRS. It’s good DK took care of this.

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