INDUSTRY FORUM

Comments

  • PJGuin23

    DFS Tax Guru

    As many or some of you may know, I have a tax practice specializing in Daily Fantasy Sports participants. My site is Daily Fantasy Taxes, and I can make your DFS filing simple & easy if you are looking for help. I have a partnership with RotoGrinders to offer DFS Tax Services to the RG Community. I am a CPA and have DFS clients along with other industries such as Horse Racing (DFS similarities on Hobby-Business), Construction and Services. I met some of you in New York last November and had a blast! I was told all tax related posts would be kept to this thread. Alternatively you can read my Tax article here My rates are reasonable and I have e-filing. We can work over the phone or by e-mail, whichever you prefer.

    Note: I have a fax and a Secure Web Portal to exchange files if needed.

    Last piece of advice, wait to file your return if you have FanDuel or DraftKings income.

    So without further adieu, let’s get the DFS Tax General Q&A going……..ask away!

    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.

    • Link
    • Last Updated 4 years ago
  • myb821

    That is a terribly wrong email to send and opening them up to huge liabilities.

  • bpbeland

    • 2015 FanDuel CFB Playboy Mansion Finalist

    This may be more of a general question to anyone who is in the same boat as me but in 2015 I profited over $600 from FantasyUp and was able to withdraw my money out before the big scandal. I know prior to the management change they had advised they would be issuing a 1099 to anyone that profited over $600 that year. Now that they were bought out are we expecting to still receive that 1099? I tried going to their website to review the CSV file for my entries to calculate myself but that is no where to be found. If anyone has any knowledge about this it would be greatly appreciated.

  • myb821

    @bpbeland said...

    This may be more of a general question to anyone who is in the same boat as me but in 2015 I profited over $600 from FantasyUp and was able to withdraw my money out before the big scandal. I know prior to the management change they had advised they would be issuing a 1099 to anyone that profited over $600 that year. Now that they were bought out are we expecting to still receive that 1099? I tried going to their website to review the CSV file for my entries to calculate myself but that is no where to be found. If anyone has any knowledge about this it would be greatly appreciated.

    why not email ITeam customer support and ask?

  • tvsfrink

    @tvsfrink said...

    Email just received from Draftpot:

    “The 2015 tax season is upon us and by now many of you have received 1099-misc tax forms in the mail from us. If you haven’t, that simply means that your net earnings this year on Draftpot did not equal or exceed $600.00 USD, and you do not need to report your miscellaneous income from Draftpot to the IRS.”

    What? I thought you had to report your total summed earnings from all the sites, independent of how much you earned on each site…and also you had to report your total earnings even if it is less than $600.

    What am I missing here?

    Just received another email, stating this one was incorrect.

  • bpbeland

    • 2015 FanDuel CFB Playboy Mansion Finalist

    @myb821 said...

    why not email ITeam customer support and ask?

    I have and I am waiting on a response. I just wasn’t sure how that worked since FantasyUP was bought out and wasn’t under the ITeam Management in 2015.

  • Draftpot_Eric

    @tvsfrink said...

    Email just received from Draftpot:

    “The 2015 tax season is upon us and by now many of you have received 1099-misc tax forms in the mail from us. If you haven’t, that simply means that your net earnings this year on Draftpot did not equal or exceed $600.00 USD, and you do not need to report your miscellaneous income from Draftpot to the IRS.”

    What? I thought you had to report your total summed earnings from all the sites, independent of how much you earned on each site…and also you had to report your total earnings even if it is less than $600.

    What am I missing here?

    We screwed up. See latest email:

    In an email we sent earlier, we said that you didn’t need to report your net earnings on Draftpot if they were below $600.00 USD. We got this completely wrong – you DO need to report your net earnings on Draftpot to the IRS regardless of the amount.

    What we meant to say is that you will only be receiving a 1099-misc tax form from us if your net earnings on Draftpot are equal to or greater than $600.00 USD.

    You can still check on your net earnings by navigating to www.draftpot.com/activity and clicking on the “Tax Information” button.

    We apologize for any confusion, and as usual, do not hesitate to reach out to us with any questions.

  • tvsfrink

    Props to you guys for having a tax button giving net earnings, but FYI it pops up with the same incorrect information that was sent out in the email.

  • PJGuin23

    DFS Tax Guru

    Who is their CFO/Tax Director/Controller if any? Nothing shocks me anymore.

  • bpbeland

    • 2015 FanDuel CFB Playboy Mansion Finalist

    It looks like the CFO for the iTeam Network is Jeff Ramsey. Found on the iTeam Network webpage.

  • PJGuin23

    DFS Tax Guru

    @bpbeland said...

    It looks like the CFO for the iTeam Network is Jeff Ramsey. Found on the iTeam Network webpage.

    He should at least be corroborating with a CPA firm preferably a Big 4 or large regional.

  • Draftpot_Eric

    @tvsfrink said...

    Props to you guys for having a tax button giving net earnings, but FYI it pops up with the same incorrect information that was sent out in the email.

    Thanks. This has been fixed.

  • romewashington

    @PJGuin23 said...

    See above reply on waiting for 1099s. I can’t emphasize it enough. I like “Entrance Fees”.

    I think I may actually be at a loss. If so would I still receive a 1099? I can write off the loss amount in Schedule A… Do this get written on the line “Other Misc Deductions” and do I just write in Draft Kings? Just want to be sure on the labeling.

  • PJGuin23

    DFS Tax Guru

    @romewashington said...

    I think I may actually be at a loss. If so would I still receive a 1099? I can write off the loss amount in Schedule A… Do this get written on the line “Other Misc Deductions” and do I just write in Draft Kings? Just want to be sure on the labeling.

    Loss would not get a 1099. And yes you can write it off on a Schedule A or C depending on how you file. We can talk about your situation via PM.

  • bpbeland

    • 2015 FanDuel CFB Playboy Mansion Finalist

    I received the below response from FantasyUp Support:

    Thank you for your email. In regards to your play on the previous FantasyUp site, and a 1099, it will be up the management and the previous owners of FantasyUp to issue a file a 1099 for you, it will not come from the new management.

    As for a CSV Export function, that feature is currently being testing for the new site and we hope to that up and running very soon.

    With the CSV feature not available to view previous winnings in 2015 and with the previous FantasyUp Management issues I’m wondering if I will be receiving a 1099. I have no idea how they would expect us to report our Net Winnings for 2015.

  • myb821

    BP if you have records of your deposits and withdrawals you can do withdrawals+account balance-deposits

  • bpbeland

    • 2015 FanDuel CFB Playboy Mansion Finalist

    @myb821 said...

    BP if you have records of your deposits and withdrawals you can do withdrawals+account balance-deposits

    Okay, that’s a good idea but I deposited in 2014 and won some money in 2014 as well and don’t have that official amount. There is no history of anything in 2015 on the website anymore. I know I initially put in $100 (in 2014) and took out (according to my paypal records) $1,500 in 2015. I then deposited another $100 and lost it. I’m thinking I profited around $800 in 2015 but I don’t have anything official. Is that okay to use?

  • Cameron

    RG Co-Founder

    • 2014 FanDuel NFL Survivor Champion

    • 2016 RG Season Long Champion: NFL

    @mmark5 said...

    So I clink on the link “Daily Fantasy Taxes” and it goes to “Draw is empty”.. Just do a PM?

    This is fixed, sorry.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @bpbeland said...

    Okay, that’s a good idea but I deposited in 2014 and won some money in 2014 as well and don’t have that official amount. There is no history of anything in 2015 on the website anymore. I know I initially put in $100 (in 2014) and took out (according to my paypal records) $1,500 in 2015. I then deposited another $100 and lost it. I’m thinking I profited around $800 in 2015 but I don’t have anything official. Is that okay to use?

    Yes. If there is no 1099, the IRS has nothing to match your income to. A best guess estimate based on your activity will suffice as they won’t be expecting you to report anything to begin with.

  • PJGuin23

    DFS Tax Guru

    @Stewburtx8 said...

    Yes. If there is no 1099, the IRS has nothing to match your income to. A best guess estimate based on your activity will suffice as they won’t be expecting you to report anything to begin with.

    Key phrase “good faith estimate.” But as I said 1000x if there’s a 1099, wait for it.

  • bklucky13

    I was told by my accountant that these companies should have got 1099s out by Feb 15 with an extension….does anyone know if that accurate info?

  • PJGuin23

    DFS Tax Guru

    @bklucky13 said...

    I was told by my accountant that these companies should have got 1099s out by Feb 15 with an extension….does anyone know if that accurate info?

    They have 30 days automatic. Anything thereafter they need to explain.

  • bklucky13

    Thanks for the quick response…..the wifey wants the refund

  • PJGuin23

    DFS Tax Guru

    @bklucky13 said...

    Thanks for the quick response…..the wifey wants the refund

    Totally get that man!

  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    How do I go about writing off Fantasy Hub balance if no deal gets worked out? Is that 2015 taxes or 2016?

  • PJGuin23

    DFS Tax Guru

    @britdevine said...

    How do I go about writing off Fantasy Hub balance if no deal gets worked out? Is that 2015 taxes or 2016?

    Losses sound like 2016 unfortunately.

  • X Unread Thread
  • X Thread with New Replies*
  • *Jumps to your first unread reply

Subforum Index

RotoGrinders.com is the home of the daily fantasy sports community. Our content, rankings, member blogs, promotions and forum discussion all cater to the players that like to create a new fantasy team every day of the week.

If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA/MI), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN).