Open Side Menu Go to the Top
FAQ Today's Posts Search Twitter Discord
Register
Tax question Tax question
Post Reply Subscribe
...
03-12-2015 , 02:07 AM
#1
hkyref33's Avatar
hkyref33
View Profile Send Message Find Posts By hkyref33 Find Threads By hkyref33
centurion
Join Date: May 2008 Posts: 196
I received a 1099 from Fan Duel. Normally with a W2-G, you can deduct gambling losses. However, with a 1099 you can not. Is there a way to deduct losses with a 1099?
Tax question Quote
03-12-2015 , 02:41 AM
#2
RickySteve's Avatar
RickySteve
View Profile Find Posts By RickySteve Find Threads By RickySteve
banned
Join Date: Sep 2014 Posts: 655
Quote:
Originally Posted by hkyref33
I received a 1099 from Fan Duel. Normally with a W2-G, you can deduct gambling losses. However, with a 1099 you can not. Is there a way to deduct losses with a 1099?
Gambling winnings are gambling winnings, regardless of how they're reported.
Tax question Quote
03-12-2015 , 02:59 AM
#3
hkyref33's Avatar
hkyref33
View Profile Send Message Find Posts By hkyref33 Find Threads By hkyref33
centurion
Join Date: May 2008 Posts: 196
But what about gambling losses? I have a friend doing my taxes and he wasn't sure since it was reported on a 1099.
Tax question Quote
03-12-2015 , 10:21 AM
#4
RickySteve's Avatar
RickySteve
View Profile Find Posts By RickySteve Find Threads By RickySteve
banned
Join Date: Sep 2014 Posts: 655
From everything I've read about poker and daily fantasy sports, losses are not possible.
Tax question Quote
03-14-2015 , 02:39 AM
#5
Lego05
View Profile Send Message Find Posts By Lego05 Find Threads By Lego05
Carpal \'Tunnel
Join Date: Mar 2006 Posts: 24,904
What did you receive a 1099 for exactly? If they correctly sent you a 1099, then it is likely you can not deduct gambling losses from those winnings. However, someone sending you a 1099 is not dispositive that the funds for which the 1099 was sent should not be treated as gambling winnings against which gambling losses may be deducted.

Basically, the details of what actually happened determine the tax treatment; not what form the other party decided to send you. Though it is true that taking a reporting position in opposition to forms you received may cause the IRS to look at it I suppose.


THE ABOVE IS NEITHER LEGAL NOR ACCOUNTING ADVICE AND SHOULD NOT BE CONSTRUED AS SUCH. I SUGGEST YOU CONTACT APPROPRIATE PROFESSIONALS
Tax question Quote
03-15-2015 , 09:21 AM
#6
minnman21
View Profile Send Message Find Posts By minnman21 Find Threads By minnman21
newbie
Join Date: Feb 2011 Posts: 17
If you received a 1099 from Fanduel but lost the exact same amount on Draftkings you clearly wouldn't owe taxes. I received a 1099 from Draftkings but am deducting my losses from Fanduel, I don't see any other way to do it.
Tax question Quote
03-15-2015 , 08:30 PM
#7
RickySteve's Avatar
RickySteve
View Profile Find Posts By RickySteve Find Threads By RickySteve
banned
Join Date: Sep 2014 Posts: 655
Quote:
Originally Posted by Lego05
What did you receive a 1099 for exactly? If they correctly sent you a 1099, then it is likely you can not deduct gambling losses from those winnings. However, someone sending you a 1099 is not dispositive that the funds for which the 1099 was sent should not be treated as gambling winnings against which gambling losses may be deducted.

Basically, the details of what actually happened determine the tax treatment; not what form the other party decided to send you. Though it is true that taking a reporting position in opposition to forms you received may cause the IRS to look at it I suppose.


THE ABOVE IS NEITHER LEGAL NOR ACCOUNTING ADVICE AND SHOULD NOT BE CONSTRUED AS SUCH. I SUGGEST YOU CONTACT APPROPRIATE PROFESSIONALS
Do you get paid by the word?
Tax question Quote
03-15-2015 , 10:33 PM
#8
SnakeEyes's Avatar
SnakeEyes
View Profile Send Message Find Posts By SnakeEyes Find Threads By SnakeEyes
centurion
Join Date: May 2009 Posts: 150
If you are not a professional gambler, but itemize, you can deduct your gambling losses.
Last edited by SnakeEyes; 03-15-2015 at 10:34 PM. Reason: if you're a professional gambler, you can deduct regardless of itemizing or not
Tax question Quote
03-27-2015 , 10:32 PM
#9
Lego05
View Profile Send Message Find Posts By Lego05 Find Threads By Lego05
Carpal \'Tunnel
Join Date: Mar 2006 Posts: 24,904
Quote:
Originally Posted by RickySteve
Do you get paid by the word?
No.
Tax question Quote
Post Reply Subscribe
...
      
Feedback is used for internal purposes. LEARN MORE
Contact Us Privacy Statement TOS
Top
Powered by:  Hand2Note
Copyright ©2008-2022, Hand2Note Interactive LTD
m