INDUSTRY FORUM

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  • DFSAccounting

    Hello Grinders!

    As the Official DFS Tax Partners of RotoGrinders , we here at DFS Accounting Services, LLC would like to take a moment to introduce ourselves. We are a consulting and advisory firm with 30+ years of collective accounting experience and are also a registered and licensed CPA firm with the AICPA and IL CPA Society. Our focus is on providing unparalleled tax and consulting services to the casual and professional Daily Fantasy Sports (DFS) Player. We also offer “free tax consultation on your DFS activities.”: dfsaccounting.com

    We aim to provide the RG Community with top-notch service for a 2nd year in a row!

    DFS is an exciting and competitive industry that offers big payouts and we understand the allure of playing DFS because we play it ourselves! With big winnings comes big tax responsibilities, and that’s where we come in!

    Now with that said, let’s get the DFS Tax Q&A going… please ask away!

    DFSAS Disclaimer: We are Certified Public Accountants licensed by the AICPA and State of Illinois. Any information provided is for informational purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant, CPA, lawyer or other competent financial professional. Information posted by us on RotoGrinders or any other media forum does not constitute an accountant-client relationship. At your request, we can send an engagement letter, which outlines our responsibilities provided under our engagements.

    *EDIT: There is a new DFS tax Q&A thread for 2019/2020. Please visit the new thread and ask any tax related questions you may have there.

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    • Last Updated 4 weeks ago
  • electrichaz3

    @dfsaccounting

    I sent you a PM thank you again for your time

  • caves2333

    @stv1313 said...

    Rhetorical Question: Is it really possible for someone to rely exclusively on DFS income for an extended period of time?

    Even if you’re skilled enough to consistently beat your opponents at a rate like 65%, you hafta pay 15% rake to sites like FD and DK. Then you gotta give 25% to the feds. Then you gotta give 4-9% to the state. Then you gotta pay another 15% for self-employment tax. After making all these payments, there isn’t much left to live off of.

    It’s an uphill climb that seems insurmountable. If you suffer any sort of extended losing streak, it’s nearly impossible to come back without a miracle big score. Admittedly, I don’t do too bad playing DFS, but I can’t imagine quitting my “real” job and trying to live off DFS income.

    Probably why you see top dogs like boourns and awesemo on twitter peddling their crappy lineups to others players.

  • Crossfire

    Dude, Awesemo DOES NOT sell his lineups! There was a fake Twitter account trying to say they were Alex that was selling lineups, but I think the person and their account has been old news for a while. And most DFS players knew that wasn’t his account.
    He won’t sell his lineups (especially like that, he isn’t hurting for money or anything).
    Most of the “Top Dogs” (as you put it) would not sell lineups. What did you fall for that?
    I think a large amount of people already know them people selling lineups are fakes trying to scam somebody.
    And, why would you come to a message board and randomly insult someone you don’t even know?

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    • Last Updated 1 year ago
  • bhdevault

    • Lead Moderator

    • Blogger of the Month

    @caves2333 said...

    Probably why you see top dogs like boourns and awesemo on twitter peddling their crappy lineups to others players.

    Those are fake accounts.

  • DFSAccounting

    @electrichaz3 said...

    @dfsaccounting

    I sent you a PM thank you again for your time

    Got it. Thank you for becoming a client. We look forward to partnering together!

  • electrichaz3

    @dfsaccounting

    You guys have been very helpful I endorse your services to the rest of the forum. Look forward to working with you.

    • Link
    • Last Updated 1 year ago
  • DFSAccounting

    @electrichaz3 said...

    @dfsaccounting

    You guys have been very helpful I endorse your services to the rest of the forum. Look forward to working with you.

    Thank you very much.

  • rickkain29

    I have a sort of odd question. I have been filing my taxes through Free Tax USA for the previous four years. This year when I claim $28000 as other income as gambling winnings my refund increases almost $1,800. I would have thought that my refund would have decreased. I was not issued a W-2G..all I have is my printout of winnings from yahoo. Any help or advise is greatly appreciated.

    Thank you,

    Rick

  • DFSAccounting

    @rickkain29 said...

    I have a sort of odd question. I have been filing my taxes through Free Tax USA for the previous four years. This year when I claim $28000 as other income as gambling winnings my refund increases almost $1,800. I would have thought that my refund would have decreased. I was not issued a W-2G..all I have is my printout of winnings from yahoo. Any help or advise is greatly appreciated.

    Thank you,

    Rick

    It is hard to say/provide any advice without seeing your entire tax situation (i.e. other income/deductions). If you would like, please give us a call at (800) 217-2339, and we would be more than happy to discuss your tax situation. Or shoot us an email at info@dfsaccounting.com.

    Thank you!

  • rishipatel412

    • 423

      RG Overall Ranking

    • Ranked #76

      RG Tiered Ranking

    What are the pros and cons of filing as a business vs hobby? I’m also interested in learning what the impact is on writing off expenses and on your standard deduction.

  • nickrock23

    after the chat I just had w/DK I would say no one should expect their 1099 anytime soon. Hate to be pessimistic but it would have been out by now.

  • DFSAccounting

    @rishipatel412 said...

    What are the pros and cons of filing as a business vs hobby? I’m also interested in learning what the impact is on writing off expenses and on your standard deduction.

    Pros and cons depend on your individual tax situation (i.e. level and sources of income, if your DFS playing has been profitable). If you operate your DFS activity as a business, classifying it as such could be very beneficial.

    You can only write off expenses if you classify your DFS activity as a business.

    Does that help?

  • mtdurham

    had a few decent scores early in the year but learning new sports in the fall i probably ended up losing most (if not all) of it back…

    Honestly I’m not really sure how I came out net as i take out large withdrawals for bills and i usually make small deposits a few times a week as needed… i dont keep much balance in the DFS account because I still have PTSD from Black Friday.

    I figure if i came out in the positive it’ll be easy to see on the 1099…

    If i dont receive a 1099 and i came out in the negative for 2018 I assume it would be worthwhile for me to track my exact figures so i can have a carryforward loss to wipe out potential gains in 2019… i believe would definitely qualify as a business vs hobby as i quit my job in April/May to play full-time and invested well over 40 hours a week in 2018.

    What all should i keep? Just a general ledger? I didnt think to just use a separate bank account so its a very convoluted transaction history if i jsut go by bank statements… confident i could rebuild an accurate record though if I do it now.. not confident i could reconstruct it 3 years from now if i needed it…

    I think it’d be a good idea for me to go ahead and put together accurate records even if my gain/loss ends up being non-substantial as that could obviously impact my ability to treat it as a business rather than a hobby in subsequent tax years if i hit big and need to be able to deduct losses/expense

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    • Last Updated 1 year ago
  • mambaland

    I assume it would be worthwhile for me to track my exact figures so i can have a carryforward loss to wipe out potential gains in 2019

    can that be done?

  • LawnStar

    Does having a history (5 years+) of filling DFS activities under a schedule C qualify a taxpayer as a ‘business’ under the new law (for deductions) or do you need to go through setting up an LLC or Sole prop or something as well?

  • DFSAccounting

    @mtdurham said...

    had a few decent scores early in the year but learning new sports in the fall i probably ended up losing most (if not all) of it back…

    Honestly I’m not really sure how I came out net as i take out large withdrawals for bills and i usually make small deposits a few times a week as needed… i dont keep much balance in the DFS account because I still have PTSD from Black Friday.

    I figure if i came out in the positive it’ll be easy to see on the 1099…

    If i dont receive a 1099 and i came out in the negative for 2018 I assume it would be worthwhile for me to track my exact figures so i can have a carryforward loss to wipe out potential gains in 2019… i believe would definitely qualify as a business vs hobby as i quit my job in April/May to play full-time and invested well over 40 hours a week in 2018.

    What all should i keep? Just a general ledger? I didnt think to just use a separate bank account so its a very convoluted transaction history if i jsut go by bank statements… confident i could rebuild an accurate record though if I do it now.. not confident i could reconstruct it 3 years from now if i needed it…

    I think it’d be a good idea for me to go ahead and put together accurate records even if my gain/loss ends up being non-substantial as that could obviously impact my ability to treat it as a business rather than a hobby in subsequent tax years if i hit big and need to be able to deduct losses/expense

    Sounds like you could potentially qualify for a business.

    We agree, keeping accurate records is very important.

    Shoot us a DM or check out our free consultation form https://dfsaccounting.com/free-tax-consultation/

  • DFSAccounting

    @mambaland said...

    I assume it would be worthwhile for me to track my exact figures so i can have a carryforward loss to wipe out potential gains in 2019

    can that be done?

    Typically, no. If qualified as a business (Sch. C), then the loss from the Sch. C reduces other income. If there is an overall net loss position (on the tax return), a portion of the loss maybe able to be carried forward.

  • DFSAccounting

    @LawnStar said...

    Does having a history (5 years+) of filling DFS activities under a schedule C qualify a taxpayer as a ‘business’ under the new law (for deductions) or do you need to go through setting up an LLC or Sole prop or something as well?

    If you have been filing as a Sch. C (and no changes to the tax situation i.e. the activity is a hobby now vs a business) then you could continue to file a Sch. C. It is our understanding that for Federal purposes, you do not need to setup an LLC or sole prop.

  • LawnStar

    @DFSAccounting said...

    If you have been filing as a Sch. C (and no changes to the tax situation i.e. the activity is a hobby now vs a business) then you could continue to file a Sch. C. It is our understanding that for Federal purposes, you do not need to setup an LLC or sole prop.

    I’ve always filed Schedule C’s but my wording was always specifically “For Profit Hobby – Fantasy Sports” — there would be ‘no changes in the tax situation’ but based on the wording I chose over the years, I’m probably SOL, right? lol.

  • DFSAccounting

    @LawnStar said...

    I’ve always filed Schedule C’s but my wording was always specifically “For Profit Hobby – Fantasy Sports” — there would be ‘no changes in the tax situation’ but based on the wording I chose over the years, I’m probably SOL, right? lol.

    We sent you a message. Thank you

  • moneyhungry

    This Question might have already been answered, Is FanDuel going to have all of their 1099s out on time this year or are they going to file for an extension again?

  • rishipatel412

    • 423

      RG Overall Ranking

    • Ranked #76

      RG Tiered Ranking

    What is the best way to offset winnings from one site with losses from another? How do you file your losses if you do not have a 1099 from that site?

  • mambaland

    @rishipatel412 said...

    What is the best way to offset winnings from one site with losses from another? How do you file your losses if you do not have a 1099 from that site?

    this was on page 1 i think

  • d735123

    @mambaland said...

    this was on page 1 i think

    On pages 2, 3, and 4 too.

  • TheDataDetective

    • Blogger of the Month

    I know that DK & FD issue 1099’s if you have net winnings > $600, but how will it work for their sportsbook sites? Does this same threshold apply or do they only report on individual bets that exceed some threshold? Thanks!

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