Trending Content - Equity Research Forum
Career Resources
WSO Free Modeling Series - Now Open Through
October 31, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
$200
So it is taxed off of the Net Profits then and not the total winnings?
Because I read that you need to report all winnings and THEN deduct all losses by itemizing. Wouldn’t this imply that winnings were taxed and then I would have to deduct the losses if I wanted to write those off?
DraftKings and Fan Duel will send the IRS and you a 1099 if your net profit is higher than $600
Yes I understand that. What I am wondering, and apologies if this wasn’t clear in my original post, is say my net profit is $600. But to get to that, my WINNINGS were $1000 and the bets I placed totaled $400 (1000-400=600). Is my tax income reported the $600 net profit, or the $1000 in winnings. And if the $600 net profit, how would you ever write off losses?
Self bump.
Is the net profit the taxable income or is winnings taxed and then I will have to deduct losses? As someone who doesn’t keep track of losses I would like an answer to this.
You report your winnings as income and use your losses as a deduction. Do not report $200 only. Obviously this is a bit of a predicament because you probably don’t have enough other exemptions that make it worth itemizing.
Ok. That’s what I thought and boy that sucks because taking out taxes from my winnings as of right now would be close to the gap between winnings & bets..
Hopefully this helps,
From my experience, gambling wins (of a certain amount, not sure if yours qualify it may be $1200+ but not certain) will be in your W-2G statement.
This amount is included in your adjusted gross income (AGI)
You will then deduct your gambling losses
That'll bring you to your taxable income.
Why do people use these sites? Why not just gamble via venmo with a pool of your friends? A fuckin 1099? seriously?
Lol ur so clueless and clearly don’t sports bet
Ur good i think the min to get taxed on is over 600. They’ll send you tax docs if you need to be taxed
I haven't personally dealt with betting taxes, but I do have some information that might be useful to you. First of all, you should receive a tax form from DraftKings if your net profit for the year exceeds a certain threshold. However, it's always a good idea to keep track of your own earnings and losses just in case.
Nam quasi totam eligendi placeat labore cumque expedita. Dolorem accusantium sint enim aliquam voluptates. Esse nam odit sed commodi sapiente illum iure beatae.
Accusamus velit soluta quae consectetur neque similique itaque minus. Rerum sapiente officiis id reiciendis. Pariatur molestiae asperiores non distinctio libero. Inventore non provident et et magnam facere reiciendis. Alias laborum et quos sequi suscipit architecto et incidunt. Provident labore soluta qui et recusandae distinctio ullam quasi.
In quis qui quo quidem voluptatem sint dolor laborum. At nesciunt dolor nobis velit. Fugit error quasi incidunt delectus magnam. Sed voluptas ut expedita sit vero hic. Quisquam sunt nemo est est accusamus consequuntur qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...