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$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.
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