Online Payout Leagues (1 Viewer)

[cubd8]

I was looking at joining an RTSports league, and their payouts for their high stakes league is $3000 / $1500 / $750

If I were to win a league (I'm dreaming, I know), how much does the federal government take back when I do my taxes?

 

[Captain Hook]

I was looking at joining an RTSports league, and their payouts for their high stakes league is $3000 / $1500 / $750If I were to win a league (I'm dreaming, I know), how much does the federal government take back when I do my taxes?

RTS just gives you a check for whatever the amount you "earned" and then a 1099 miscthen you list all your expenses for that league and all others to try and get the tax hit reduced

 

[cubd8]

I was looking at joining an RTSports league, and their payouts for their high stakes league is $3000 / $1500 / $750If I were to win a league (I'm dreaming, I know), how much does the federal government take back when I do my taxes?

RTS just gives you a check for whatever the amount you "earned" and then a 1099 miscthen you list all your expenses for that league and all others to try and get the tax hit reduced

Any idea of what the tax hit is?What sort of expenses would you add to try and reduce the tax hit?

 

[Captain Hook]

I was looking at joining an RTSports league, and their payouts for their high stakes league is $3000 / $1500 / $750If I were to win a league (I'm dreaming, I know), how much does the federal government take back when I do my taxes?

RTS just gives you a check for whatever the amount you "earned" and then a 1099 miscthen you list all your expenses for that league and all others to try and get the tax hit reduced

Any idea of what the tax hit is?What sort of expenses would you add to try and reduce the tax hit?

See your accountantyou can deduct any relevant expenses - travel, subscriptions, magazines, everyone is different so no one can tell you on a message board exactly what you will pay