What are the requirements for FanDuel to send out tax forms?
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You’re not gonna get any good answers here. This has come up before.
My advice, if you come out ahead during a year there then expect something to come your wayComment -
And also before anyone wants to come in and do the “it doesn’t count towards taxes unless the bet is 300-1” routine, there’s no way that’s as it seems. No one would be required to pay taxes on gambling winnings ever if that was trueComment -
for DFS any Profits over $600 is taxable. Not sure for the sports book.Comment -
Yup, and each state is going to be aggressive AF on this. It's why they legalized it.
Be ready to get a 1099 on everything you 'received' and then have to prove your losses for offset.
Remember, these are being run by State lottery and revenue officers. IRS isn't going to treat it any different than a Vegas win, but the STATES will.Comment -
And that's why people should of thought twice by giving out their info for these state legalized gambling sites. Absolutely straight up OWNED and on THE RADAR...
Good luck trying to "offset your loses".... you need to be categorized as a "professional gambler".
I'll never sign up with any of these sites... Feds... State can eat a dikkkkkk.Comment -
Play offshore
No 1099’s unless you win big
This is not stocks guys with capital gains taxesComment -
You would have received a 1099 by now if your gains met the threshold..go to "account" "settings" "transaction history" for confirmation.
Jjgold is a schill/nitwit/blowhard diuchebag.....do not listen to anything he saysComment -
Fanduel sent an email saying I would be getting one but I never did. There are a bunch of them sitting in a folder on the site but they were claimed to just be “drafts” and not what I would be mailed.
So I don’t know what the deal is with them
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For the sportsbook, they only send out a W-2G if you have a winning wager at 300-1 odds or greater. Of course, this doesn't mean that winnings aren't taxable -- they are and you should report winnings. It only means they are not sending a W-2G to the IRS.
For fantasy, it's different. $600+ profit they send 1099.Comment -
I disagree. Yes, they legalized it for tax revenue, but not from individuals. They legalized it to get the fees and taxes from the sportsbooks, and they are collecting big on that already. Frankly, I think they figure that most everyone loses. I do wonder if they will change the sportsbook tax reporting rules in the future, but for now they are not sending out 1099's or W-2G's unless it's a 300-1 win. And I doubt they will be aggressive AF against individuals, except perhaps in egregious situations. If they are aggressive AF, it will become widely known and have a chilling effect on people joining and playing in the future. That would be shortsighted AF and kill the golden goose. The big tax $$ are from the fees and winnings by the sportsbooks, not from collecting 5% or whatever in state income tax from the few people who win a little money.Last edited by d2bets; 03-15-21, 05:46 PM.Comment -
99% of gamblers have net losses on sports betting for the year so nothing to worry aboutComment -
Right. And that's why they are not going to spend a bunch of time trying to hunt down the 1% who won something. The low-hanging fruit are the sportsbook operators. Here in IL they are charging the books 15% on monthly revenue. It's big already. They collected like $7 million in January alone, so probably looking at $100+ million this year. Plus each license is like a $20 mil fee.Comment -
Did the book(s) require your Social Security number??? If the did, sure as shit everything will be reported. Now as for the IRS performing due diligence on 5 million+ sportbook accounts, aint gonna happen. Maybe $100k+ withdraws will garner the attention of the IRSComment -
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