BANKROLL FORUM

Comments

  • Jase32

    So how does it work on DK and FD? If you accumulate up to $500 in total earnings, you get a tax form. But does that apply overall or just within a year?

  • geardaddy

    I believe if you have net earnings of $600 they will send you a 1099. And of course it’s yearly. You should report it regardless if you have net earnings though or if you have net earnings but it is below $600. The DFS analyzer tool is a great way to get an idea of how much earnings you have and whether you are profiting and whether or not you have to pay taxes.

  • pinstripeblue

    its probably safe to say…..that unless someone got lucky with a tourney in 2016, that 97% of us will not have to worry about tax forms!

  • krighton

    i wonder how DK considers Draftking Dollars in regards to net profit…90% of my winnings was a $750 draftkings dollars win which you couldn’t cash out and could only play on their site. Similar to a casino that gives you money to play their slots. Probably why my ROI in the Analyzer looks so high.

  • PJGuin23

    DFS Tax Guru

    1099-MISC = End Balance 12/31 + Withdrawals – Deposits – Beg Balance 1/1 and issued if that is >= $ 600

  • xpac21

    about what time do you think we might get our 1099 MISC from DK for this next year? i got mine mid to late Jan from FantasyDraft this year

  • Jase32

    Thanks. I was wondering because I took a long break from DK.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @xpac21 said...

    about what time do you think we might get our 1099 MISC from DK for this next year? i got mine mid to late Jan from FantasyDraft this year

    They have to be postmarked by January 31st, although last year both DraftKings and FanDuel filed for an extension. I did not get mine from either site until March last year. Hopefully it does not take that long this year.

  • KlairVoyant

    • 189

      RG Overall Ranking

    • Ranked #26

      RG Tiered Ranking

    • Blogger of the Month

    I was taxed last year on the value of prizes awarded from DK at the value that they assign to them.

  • ranoa513

    @krighton said...

    i wonder how DK considers Draftking Dollars in regards to net profit…90% of my winnings was a $750 draftkings dollars win which you couldn’t cash out and could only play on their site. Similar to a casino that gives you money to play their slots. Probably why my ROI in the Analyzer looks so high.

    You will get taxed on that, no doubt. I won a DK Dollars contest a couple years ago and was sent a 1099.

  • Roma315

    They will send you a Tax form. The main problem I had with this is fantasy is a game of skill so you cannot deduct any losses. Also my accountant has never had a client get taxed playing fantasy sports.

  • PJGuin23

    DFS Tax Guru

    @Roma315 said...

    They will send you a Tax form. The main problem I had with this is fantasy is a game of skill so you cannot deduct any losses. Also my accountant has never had a client get taxed playing fantasy sports.

    The offsetting losses against winning sites can possibly be taken. Depends on how you file.

  • Roma315

    She was able to offset some of the wins by my entry fees.

  • PJGuin23

    DFS Tax Guru

    @Roma315 said...

    She was able to offset some of the wins by my entry fees.

    I’d have to see it. Few accountants know what they’re doing with this. Some throw it in as “gambling”. Some have cockamamie interpretations of separating rake and entry fees and over reporting the 1099 amounts. Some believe the Gross amount and having to take the entry fees elsewhere. I heard them all.

  • Drivingslow

    what can an accountant do that is better for those that play dfs?

  • PJGuin23

    DFS Tax Guru

    @Drivingslow said...

    what can an accountant do that is better for those that play dfs?

    If you win a lot… plenty.

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

Sites mentioned in this thread

Use our links to sign up and deposit on sites listed in this thread to get these bonuses:

Subforum Index

New RotoGrinders Sports Betting Section!

Are you a DFS player who wants to get into sports betting?

If you have access to New Jersey sports betting, then use our DraftKings Sportsbook promo code and our FanDuel Sportsbook promo code to get the best bonuses in the NJ industry.

Those who can take advantage of PA online sports betting should use our SugarHouse PA promo code to get the best sports betting bonus in Pennsylvania.

If you don't yet have access to an online sportsbook, check out Monkey Knife Fight, a prop betting platform available in 31 states. Use our Monkey Knife Fight promo code to get a fantastic bonus.

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. Our goal is to help all of our members make more money playing daily fantasy sports!

Disclosures: All RotoGrinders content contributors are active DFS players. Contributor screen names can be found on their respective RotoGrinders profile pages. Contributors reserve the right to use players or strategies not discussed in their content on RotoGrinders.