BANKROLL FORUM

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  • PJGuin23

    DFS Tax Guru

    As some of you may or may not know, I am pleased to announce that I have an exclusive partnership with Rotogrinders to provide tax preparation and consulting services for the RG community. Good news is the 1099-MISC Forms are beginning to trickle in and I’m gladly accepting new clients. I am a CPA based out of suburban Philadelphia with a tax practice focusing on DFS, poker players and Horse Racing. I have years experience with the latter and that’s where I received most of my Hobby vs. Business Income experience. I can work with anyone throughout the United States and have very likely prepared your State and/or Local Tax returns.

    You can also ask basic questions on this thread I would be happy to answer. To remind you, more specific questions to your overall income and expenses situation may require a professional opinion from a tax preparer or CPA. Again, you can contact me for those services if you wish. If you currently have an accountant (common for Grinders with small businesses), I would be happy to corroborate with them to prepare an accurate return for you for DFS purposes.

    There are no significant changes for this season compared to last for DFS purposes. Buzzing around the new Administration is the possibility of major tax reform with potentially significant changes in tax rates, brackets and deductions. They have no effect for your 2016 tax return and not likely for your 2017 return (rarely are retroactive) but I have been monitoring the situation closely. As we have seen with legislation regarding DFS, there are multiple competing interests at work and “tax reform” could be minimal, if anything. I would wait and see until the law is codified and signed. If anything changes, your situation could vary greatly.

    My website is dailyfantasytaxes.com. You can contact me through there where I have a contact form and my toll free number or PM me on here

    PJGuin23’s Disclaimer: I am a Certified Public Accountant licensed by the Commonwealth of Pennsylvania. Any information provided is for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant, CPA, lawyer or other competent financial professional. Presentation of information I provide on RotoGrinders does not constitute an accountant-client relationship. Such relationship can be established by engaging in professional services privately with PJGuin23. RotoGrinders readers are advised not to act upon information I provide without seeking the service of a professional accountant well versed in your particular situation.

  • PJGuin23

    DFS Tax Guru

    @golferdude31 said...

    Yeah, I think I could use a little more help on this. I sent you a direct message!

    Got it. Keep sending those messages!

  • relay20

    I need some help I have no idea what I’m doing. I’v e never had a big hit before this year. During MLB, I had a couple of big hits for 6k and 5k separately. I took most of the money out, but left in about 1500, which I have proceeded to use until now without cashing out or depositing anymore. My other income on the tax form says 9305.50. What do I do from here? How do I figure out my losses on both of the sites?

  • krighton

    where’s the best place to put the 30% I set aside for taxes to earn a return on my winnings….also how does DK classify the net income you earned on the 1099 (other income, misc, etc.)

  • PJGuin23

    DFS Tax Guru

    @relay20 said...

    I need some help I have no idea what I’m doing. I’v e never had a big hit before this year. During MLB, I had a couple of big hits for 6k and 5k separately. I took most of the money out, but left in about 1500, which I have proceeded to use until now without cashing out or depositing anymore. My other income on the tax form says 9305.50. What do I do from here? How do I figure out my losses on both of the sites?

    I can help. PM me for more details.

  • PJGuin23

    DFS Tax Guru

    @krighton said...

    where’s the best place to put the 30% I set aside for taxes to earn a return on my winnings….also how does DK classify the net income you earned on the 1099 (other income, misc, etc.)

    Not a financial advisor but you could look at a high interest online savings account. Not going to be much but something.

  • HouseofCarr

    I still haven’t gotten my 1099 from fanduel. Can I expect it in next few weeks??

  • PJGuin23

    DFS Tax Guru

    @HouseofCarr said...

    I still haven’t gotten my 1099 from fanduel. Can I expect it in next few weeks??

    You should have already received it. I would contact support

  • Offensiveuser

    .

  • PJGuin23

    DFS Tax Guru

    @Offensiveuser said...

    I tend to be a high volume gambler, dfs, poker, and some slots/casino games mixed in. I have a significant amount of 1099-G forms for the first time this year. I’m trying to come up with as many losses and receipts as I possibly can. Does anyone know if I can write off DFS losses vs poker winnings? I was a very small loser on FD last year and I think an even smaller winner on DK. If you can claim the losses against winnings which I think you can (even though an email from FD customer support seems to say otherwise) can the DFS sites provide a win/loss statement? Like what is my best way to approach this?

    I can help with both poker and DFS. PM me if you need specific tax help. I’d emphasize downloading the CSV transaction history files

  • hcassidy

    I told them go pound sand… It will all be a cluster in 18 come see me then

  • PJGuin23

    DFS Tax Guru

    @hcassidy said...

    I told them go pound sand… It will all be a cluster in 18 come see me then

    You mean taxes will be a cluster in 18?…. Maybe.

  • golferdude31

    • 63

      RG Overall Ranking

    • Ranked #4

      RG Tiered Ranking

    • 2016 King of Summer Champion

    Does anyone know if Fantasy Aces issued 1099’s this year? IF not, how do you know what your income is from there? Just your withdrawals minus deposits I guess?

    Also, if I am filing a schedule C, can anyone tell me which line to file your losses on? I assume my 1099’s added up should go on line 1, but it isn’t quite clear to me where your losses should go.

    Any help would be much appreciated!

  • yanksfan1

    @golferdude31 said...

    Does anyone know if Fantasy Aces issued 1099’s this year? IF not, how do you know what your income is from there? Just your withdrawals minus deposits I guess?

    Also, if I am filing a schedule C, can anyone tell me which line to file your losses on? I assume my 1099’s added up should go on line 1, but it isn’t quite clear to me where your losses should go.

    Any help would be much appreciated!

    Looking for same answer with regards to 1099 from Aces

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    Fantasy Aces is not going to send a 1099.

    You will need to report earnings based on your own records.

  • KindGuy

    FantasyDraft sent me an email yesterday telling me that my balance of $0.33 is ready to be claimed.

    If you haven’t gotten that email, you can check here to figure out your balance on Aces: http://www.marshackhays.com/wp-content/uploads/2017/02/FANTASY-ACES-Notice-of-Filing-Redacted-Exhibit-A.pdf

    Good luck

  • PJGuin23

    DFS Tax Guru

    @golferdude31 said...

    Does anyone know if Fantasy Aces issued 1099’s this year? IF not, how do you know what your income is from there? Just your withdrawals minus deposits I guess?

    Also, if I am filing a schedule C, can anyone tell me which line to file your losses on? I assume my 1099’s added up should go on line 1, but it isn’t quite clear to me where your losses should go.

    Any help would be much appreciated!

    If you need assistance with losses you can PM me. It would go under Other Expenses but there are multiple options.

  • golferdude31

    • 63

      RG Overall Ranking

    • Ranked #4

      RG Tiered Ranking

    • 2016 King of Summer Champion

    Since Fantasy Aces isn’t going to issue 1099’s, does that mean that they reported any income information to the IRS this year? Does anyone know how that works?

  • PJGuin23

    DFS Tax Guru

    @golferdude31 said...

    Since Fantasy Aces isn’t going to issue 1099’s, does that mean that they reported any income information to the IRS this year? Does anyone know how that works?

    If they didn’t issue a 1099, they did not report to IRS. Doesn’t mean you don’t have to recognize it

  • hcassidy

    @PJGuin23 said...

    You mean taxes will be a cluster in 18?…. Maybe.

    Yes, I already have a tax guy. It’s my best friend who is an accountant. But yes I have already taken substantial amounts of money this year with no implied total. He has already advised me to put those withdrawls in Long Term Mutuals. And a few Short Terms.

  • PJGuin23

    DFS Tax Guru

    @hcassidy said...

    Yes, I already have a tax guy. It’s my best friend who is an accountant. But yes I have already taken substantial amounts of money this year with no implied total. He has already advised me to put those withdrawls in Long Term Mutuals. And a few Short Terms.

    I meant the tax laws with all the “reforms” which I don’t know what they will be.

  • golferdude31

    • 63

      RG Overall Ranking

    • Ranked #4

      RG Tiered Ranking

    • 2016 King of Summer Champion

    Does anyone know if there is a way to download your transaction history on Yahoo? I see how you can view it, but it doesn’t allow you to download it. Does the Rotogrinders analyzer work for Yahoo? And I think I read somewhere that Yahoo doesn’t issue 1099’s? I’m not sure how they avoid that, but let me know if anyone else has any tips for Yahoo tax filing.

  • PJGuin23

    DFS Tax Guru

    @golferdude31 said...

    Does anyone know if there is a way to download your transaction history on Yahoo? I see how you can view it, but it doesn’t allow you to download it. Does the Rotogrinders analyzer work for Yahoo? And I think I read somewhere that Yahoo doesn’t issue 1099’s? I’m not sure how they avoid that, but let me know if anyone else has any tips for Yahoo tax filing.

    Not sure how to download from Yahoo but I have clients who have. Yahoo issues a 1099-K for over 20k in transactions. That’s just what they do. Doesn’t mean you don’t have to report the income.

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @golferdude31 said...

    Does anyone know if there is a way to download your transaction history on Yahoo?

    Click on “My Contests”

    On the right side of the page is a “download contest history” button. Produces everything in a CSV.

  • chovey23

    How do I report losses since the 1099 does not account for it? Don’t want to be taxed on “winnings” without the losses being taken into account. Already sent you this question in a PM I believe.

  • PJGuin23

    DFS Tax Guru

    @chovey23 said...

    How do I report losses since the 1099 does not account for it? Don’t want to be taxed on “winnings” without the losses being taken into account. Already sent you this question in a PM I believe.

    They are typically “netted” on the 1099. That would be a customer service question.

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