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August 31, 2022
Question

Gambling 1099-K's

  • August 31, 2022
  • 1 reply
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Regarding withdrawals from legal sports books (draftkings, fanduel, etc.). They only send 1099-K's regarding my withdrawal, not taking into account deposits, P/L, etc. How do I account for my actual profit rather than my amount I withdrew in the calendar year?

    1 reply

    August 31, 2022

    Follow the examples in this article.  It addresses everything in regards to reporting your income taxes related to DraftKings, etc...

    Tax Considerations for Fantasy Sports Fans 

     

    In the above link see the section: Organizers calculate players' net profits using a formula

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