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  • 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.

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    • Last Updated 4 years ago
  • PJGuin23

    DFS Tax Guru

    Alright. Today needs to be the day the 1099s come out. Let’s see what happens!

  • romewashington

    I sent you a PM, let me know if you received it.

  • PJGuin23

    DFS Tax Guru

    @romewashington said...

    I sent you a PM, let me know if you received it.

    Got it. Replied

  • CUTiger81

    My 2015 FD CSV export shows my profits as roughly $3k less than my 1099 from them shows my profits. I filtered out and “cancelled” entries from my Entry Fees. Any thoughts on what may be causing that discrepancy? I do think my profits are roughly what FD is claiming them as but obviously want to be able to back into the number myself.

    The only thing I can think is that it has something to do with Satellite tickets but I’m not sure.

  • PJGuin23

    DFS Tax Guru

    @CUTiger81 said...

    My 2015 FD CSV export shows my profits as roughly $3k less than my 1099 from them shows my profits. I filtered out and “cancelled” entries from my Entry Fees. Any thoughts on what may be causing that discrepancy? I do think my profits are roughly what FD is claiming them as but obviously want to be able to back into the number myself.

    The only thing I can think is that it has something to do with Satellite tickets but I’m not sure.

    I would say either tickets or even bonuses.

  • myb821

    @CUTiger81 said...

    My 2015 FD CSV export shows my profits as roughly $3k less than my 1099 from them shows my profits. I filtered out and “cancelled” entries from my Entry Fees. Any thoughts on what may be causing that discrepancy? I do think my profits are roughly what FD is claiming them as but obviously want to be able to back into the number myself.

    The only thing I can think is that it has something to do with Satellite tickets but I’m not sure.

    if you filtered something out but didnt delete it, it may still be included in your sum functions.

  • CUTiger81

    @myb821 said...

    if you filtered something out but didnt delete it, it may still be included in your sum functions.

    I checked to make sure and reran the spreadsheet a couple times bc I thought that might be what it was as well but it wasn’t. The only thing I can think is that I’ve won an $1,500 in tickets and should have $1,500 added to my “winnings” and $1,500 subtracted from my “entry fees” and that’s where the roughly $3,000 discrepancy is coming from.

  • myb821

    did you account for bonuses? also you wouldnt both add it to your winnings and subtract it from your entry fees it would be one or the other.

  • Timsguitar

    Have a question. Quick background, I have already filed my taxes for this year. Had no idea that I was making any money on DFS because I mainly play as a hobby. To my surprise I received the email from FanDuel last night with my 1099. Seems I made a little money. OK, do I need to file an amended return or wait until next year to report it? Thank you.

  • PJGuin23

    DFS Tax Guru

    @Timsguitar said...

    Have a question. Quick background, I have already filed my taxes for this year. Had no idea that I was making any money on DFS because I mainly play as a hobby. To my surprise I received the email from FanDuel last night with my 1099. Seems I made a little money. OK, do I need to file an amended return or wait until next year to report it? Thank you.

    Need to file amended.

  • Timsguitar

    Thank you PJ

  • btwice80

    @CUTiger81 said...

    My 2015 FD CSV export shows my profits as roughly $3k less than my 1099 from them shows my profits. I filtered out and “cancelled” entries from my Entry Fees. Any thoughts on what may be causing that discrepancy? I do think my profits are roughly what FD is claiming them as but obviously want to be able to back into the number myself.

    The only thing I can think is that it has something to do with Satellite tickets but I’m not sure.

    In addition to tickets and bonuses, the CSV also doesn’t account for FDP used for entry fees.

  • g_nagy

    Will you only receive a 1099 if you made > $600 in net profit from a given site?

  • PJGuin23

    DFS Tax Guru

    @g_nagy said...

    Will you only receive a 1099 if you made > $600 in net profit from a given site?

    Yes.

  • Sisaac44

    • 2016 FanDuel NFL Playboy Mansion Champion

    I’ve received my 1099 from FD. Has anyone received their 1099 from FantasyAces or Draftkings yet?

  • SteveRepsold

    • 2015 FACFC Finalist

    I got my FantasyAces one a while back… at least 2 weeks I’d say.

  • nautica54

    Totally slipped my mind, i filed a month ago, now received my 1099 for fanduel. In addition i think i made small profit on draftkings as well….

    So it would appear i would now need to do a 1040x amended tax return to include the additional income?

  • nautica54

    @PJGuin23 said...

    Need to file amended.

    Seems this has answered my previous question PJ…

    Now as far as an amendeded….do i need to file an amended for both federal and NY state

  • PJGuin23

    DFS Tax Guru

    @nautica54 said...

    Seems this has answered my previous question PJ…

    Now as far as an amendeded….do i need to file an amended for both federal and NY state

    Yes.

  • zpa1989

    finally got the email from fanduel. what do you do if the 1099 misc form says you made more than the rotogrinders bankroll tracker said you made when you uploaded the csv’s? i mean mine was off by alot

    edit: when does the fanduel fiscal year end? i think i may have incurred some losses after the year ended so when i uploaded the csv’s on to the grinders tracker it included part of this years winnings/losses which is why it was lower on the RG tracker than what fanduel reported to the IRS.

  • PJGuin23

    DFS Tax Guru

    @zpa1989 said...

    finally got the email from fanduel. what do you do if the 1099 misc form says you made more than the rotogrinders bankroll tracker said you made when you uploaded the csv’s? i mean mine was off by alot

    edit: when does the fanduel fiscal year end? i think i may have incurred some losses after the year ended so when i uploaded the csv’s on to the grinders tracker it included part of this years winnings/losses which is why it was lower on the RG tracker than what fanduel reported to the IRS.

    I’d argue with FanDuel.

  • PJGuin23

    DFS Tax Guru

    Just a reminder. If anyone recently received a 1099 and already filed their returns, we can file an Amended Tax Return for the IRS, States and any localities needed.

    I know this is a pain but a necessary one for the taxing authorities match the 1099s to your return. I agree that there should have been a more proactive notice from the sites.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @zpa1989 said...

    edit: when does the fanduel fiscal year end? i think i may have incurred some losses after the year ended so when i uploaded the csv’s on to the grinders tracker it included part of this years winnings/losses which is why it was lower on the RG tracker than what fanduel reported to the IRS.

    When you use the bankroll tracker, you need to set the parameters to 1/1/2015 through 12/31/2015. This should reflect your yearly profits on Fanduel. You may just need to adjust for any tickets won but the numbers should be close. If they are still significantly different, I would reach out to Fanduel.

  • Traplord

    ok got the 1099 email.. now what lol

  • PJGuin23

    DFS Tax Guru

    @Traplord said...

    ok got the 1099 email.. now what lol

    Did you file your return already?

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