Fantasy Football Winnings (1 Viewer)

[Escape Goat]

After another season of ultimate DOMINATION the dollars are going to be flowing Might not be a problem for most but for some of the dominators, depositing check after check in the coming weeks might raise a few eyebrows.

 

[menobrown]

This should be moved to the bragging thread.

 

[Dragon1952]

Yeah, I'm sure the IRS will be all after your ###

 

[BobbyLayne]

OK raise your hand



if your league issues a W-2G to the winners

Egg zactly

 

[Raider Nation]

Alias check please.

Would this particular escaped goat happen to be a HUGE fan of the PAC-10 by any chance?

 

[Mark87]

When I used to play on Sportsline, they would take taxes out with winnings over $600 I believe.

 

[Basmati Ray Rice]

This could inspire a brand new cottage industry, FF winnings laundering.

Indeed a whole new franchise could be started globaly enabling FF winnings to be tax free for a small fee

Draft Dodgers " you draft 'em we dodge em"

 

[Don Quixote]

I actually usually do report my fantasy/NCAA bracket winnings on my taxes (but I'm a tax attorney, so I guess I feel more compulsion).

 

[Basmati Ray Rice]

H & R Block.... and Tackle

" You Hit and Run we Block and tackle"

 

[TWP]

Other Income. Report it. It's the Law.

 

[BobbyLayne]

When I used to play on Sportsline, they would take taxes out with winnings over $600 I believe.

That's the threshhold at the track; for poker tourneys, its $5K.I'm a CPA and never report it.I also don't fill out use tax forms for items I bought in neighboring states, but tax attorneys probably do.

 

[Wu-banger]

check..??

Really ..??

Straight cash in all my leagues.... dont think I would even accept a check.

 

[TWP]

If it's a lot of money: they might audit you and find out about it whether it's a check or it's cash. People know about it, you could get in a lot of trouble.

If it's not a lot of money: isn't it worth paying a percentage of not a lot of money to avoid the risk of going to jail? I mean, do you shoplift small items from stores?

 

[Basmati Ray Rice]

VBD

Value Based Deductions

 

[urbanhack]

lol

 

[pghrob]

This thread might be in jest, but with the Congress enacting taxes on Tanning Bed use as a means of generating health care reform revenues, I would be careful not to draw too much of the IRS' attention on our hobby. The Feds are liable to find a way to get their grimy paws involved too so they can get what they think might be their fair share. :X

 

[FavreCo]

Other Income. Report it. It's the Law.

 

[BobbyLayne]

This thread might be in jest, but with the Congress enacting taxes on Tanning Bed use as a means of generating health care reform revenues, I would be careful not to draw too much of the IRS' attention on our hobby. The Feds are liable to find a way to get their grimy paws involved too so they can get what they think might be their fair share.

de minimis non curat praetor

 

[Basmati Ray Rice]

Cash Nazi

" No tax for you"

We at Cash Nazi a wholly owned subsidiary of H & R Block and Tackle and strategic partner of Draft Dodgers offer our exclusive fund cleanser to all FF champs

No wonder our clients say "if the Guvmt tax 'em we will wax 'em"

Here is a testimonial from repeated customer Basmati Ray Rice

" I used H & R Block & Tackle and also Draft Dodgers to keep my hard earned winnings for years. When Guvmt came calling I thought my FF days were over unless i could start a league in the County Jail.

But Cash Nazi came to my rescue and with simple spread sheets featuring proprietary algorythmic calculations in their Value Based Deduction application, the Guvmt ended up owing me money.. Booyah!

Thanks to Cash Nazi here are my write offs for one of my teams in the 2009 season.

Taxi to bar on night of draft $25

Beer at bar for 4 hour draft $ 60

Shots at bar everytime someone drafted a K, D Or TE before the last 3 rounds $75

Ribs and wings on draft night $25

Peeler club expenses to discuss success of My draft and diss Everyone elses draft $90

Taxi home $35, immigrant driving cab got lost and over run metre

Drink and food every Sunday for 16 weeks as I study and do my FF homework $1600

Massage therapy to relieve stress after first FF loss $85

Defribulator cost after screaming at Favre to hand ball of to AP at one yard line $175

Special massge therapy at RubTugJugs after 2, 3rd and 4th FF loss $450

Party to celebrate winning FF playoffs $500

Total expenses for season $3150

Total winnings for season $ 2000

refund from Guvmt 40% 0f 1150 = $460

Thank you Cash Nazi

 

[GiantsRule]

This should be moved to the BS thread.

Fixed for you. Merry X-Mas!

 

[Jeff Pasquino]

Alias check please.Would this particular escaped goat happen to be a HUGE fan of the PAC-10 by any chance?

No, it isn't our GB LHUCKS, but it is an ALIAS.I'm tempted to play Alias Hangman..... but I'll let it go for now.As for the OP's question - major contests already withhold taxes for any FF winnings >$600. I'm quite sure that Joe and David would / will do the same for the Subscriber Contest winners.This is often why you'll see $500 as a prize in some smaller stakes leagues like the FFOC.

 

[Basmati Ray Rice]

Tiger Woods Driving Insitute

" we know it's a front, the Govmt knows it's a front but because of minority legislation there is sweet #### all they can do about it"

Can anyone shrink our value prop? just asking! Tiger

Yup i got it , Tiger how about PGA?

Preserve Gamimg Acquisitions

Thhat sounds great! Tiger

Your fly's undone

 

[anakin]

I work for a governent agency and as FF is considered a form of gambling you should report your FF winning after taking account your FF loses when you itemize your deductions. Winnings minus league dues equals reportable income.

 

[gianmarco]

Thanks to Matt Forte and Eddie Royal, this isn't a problem.

 

[KellysHeroes]

I think if I won a couple of Gs I would report it; if I'm getting a couple of hundred Paypalled to me or something then F... that.

Don't forget to report ur loses, this works both ways