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agame2323

How do you report /how to report DFS entry fees and winnings on your taxes?

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I've been winning a bit more this year and I think I need to start thinking about this. There really doesn't appear to be much information out there on whats the best way to do it. I'm thinking just get a regular 1099?? 

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Probably not the right answer but if it’s under 10K I definitely wouldn’t do anything.  Even if it’s over that, is the money still sitting in your account?  Take it out bit by bit to avoid large transactions.  Just my two cents, good problem to have as I never make money as I always throw profits in GPP

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You'll receive a 1099-misc form if you profit more than $600 on any (and all) site(s).

From there, you will be subject to any taxes (federal/state) due on that amount. The IRS will have a record of those monies, so I highly suggest that you don't follow the advice of the second poster here.

DFS Taxes

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