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Question about FF winnings (1 Viewer)
- Thread starter Your Mom
- Start date
Fantasy Man
Footballguy
Only if you report it. It's up to you whether you want to or not.
jeff_eaglz
Moderator
Does antsports report it to the IRS?If the answer is no, it is up to you to decide what to do.
Keep in mind your entry fee and any other losses offset winnings.
Consult your tax advisor, unless he's in the league you won
The Man With No Name
Footballguy
You can also get a tax break on what you lost, if you report what you won.
Red Apples
Footballguy
dude youre fine.dont worry about it.
tommyGunZ
Footballguy
Or a Republican.
How'd you end up faring fantasy wise this year BnB? You were so bullish on Smith, but then again I can imagine in local leagues Smith may have even been scooped before you could reach for him.I play in a league with mostly Raleigh kids, and they beat my ### every year.
BassNBrew
Footballguy
DraftnGo Survivor leagues: 1st of 16, 14th of 16, 5th of 12, 5th of 12, 7th of 12.Standard leagues: Busted in the semis in two leagues, dead last in the other.Or a Republican.
I play in a league with mostly Raleigh kids, and they beat my ### every year.
Interboard challenge: Proud member to the FBG championship team, even though I was the only sub .500 team.
All in all, pretty ho-hum...a little better then a certain professional.
I'm pretty bad about hedging my drafts, so I only ended up with Smith in about 1/2 my leagues at best. Same goes for Moss and LJ. I'll have to re-evaluate that strategy next year.
Englishteacher
Footballguy
QUOTE(tommyGunZ @ Jan 3 2006, 01:28 AM)QUOTE(Your Mom @ Jan 2 2006, 10:24 PM)
If this doesn't belong I apologize in advance but i got a question. I won an antsports league this year and won $1475. Am I going to have to pay taxes? TIA
only if you're an idiot.
Or a Republican.
BETTER WATCH OUT FOR THAT DOMESTIC SPYING PROGRAM!
Bush probably knows what color panties your wife wears too.
jeff_eaglz
Moderator
No prob.I won $4350 in Rotobowl this year, and yes they are reporting it. Doing an IRS form in the morning.
All depends on the league.
Utter Chaos
Footballguy
They can't report it unless you gave them your social security number.
Last edited by a moderator:
BassNBrew
Footballguy
Code:
Awarding of PrizesNo substitution or transfer of prize is permitted. All prizes are awarded "as is" and without warranty of any kind, express or implied, (including, without limitation, any implied warranty of merchantability for a particular purpose). All taxes associated with the receipt or use of any prize are the sole responsibility of the winner. A 30% U.S. income tax withholding will be applied to all non-U.S. prize winners. In the event that the awarding of any prizes to winners of the Contest is challenged by any legal authority, Footballguys.com reserves the right in its sole discretion to determine whether or not to award such prizes.TaxesWinners receiving $600.00 or more agree to submit their valid and legal social security number to Footballguys.com and winners understand that their social security numbers will be used to report income to the Internal Revenue Service. All taxes associated with the receipt of any prize are the sole responsibility of the winner. A form 1099 will be issued to all prize winners receiving $600.00 or more.BassNBrew
Footballguy
The above may not apply to Antsports as I found this...
Seems like the easiest way to skirt the US laws. But this is also something you should keep in mind when playing high dollar leagues as someone could take your money and run leaving you with little legal recourse.
Code:
AntSports, LLCAntSports Limited Liability Corporation located on the Island of Nevis. AntSports, LLCPO Box 556, Main StreetCharlestown, NevisWest Indies1-888-444-4268 All fantasy leagues, contests, and games take place within the juristiction of Nevis.stevejohnson
Footballguy
If you had won $14,500 I would say, yes you have to report it but not $1450. Worse case if you don't report it is they IRS somehow finds out, you say sorry and pay a $100 bucks or so to settle it.
stevejohnson
Footballguy
PS - Putting things like fantasy football membership fees as deductions on you tax return is a sure fire way to get audited!
It all depends on how they handle it. I have been preparing taxes for 40 years and last year when I won the FFTOC league I called them and tried to get them to call it gambling winnings. They insisted that it was not gambling and therefor ordinary income. After taking entry fees and all the related deductions for playing fantasy football I had to pay tax on about $6500. You are then taxed at your tax rate for your entire income.If you could get it as gambling income then you can offset those winnings with other gambling loses such as lottery and casino loses. As I live a block from a Casino at Lake Tahoe I would have no problem covering $10,000 in loses for the year.The answer is if they issue a 1099 (any income over $600) then you are liable for taxes on the net income received.Even if you had to claim it all you are probably in the 25% Federal bracket so the Federal taxes would be 25% of your winnings. If you have a State tax then they would also want taxes.
Stevejohnson this is not true. It is an itemized deduction and is subject to the 2% ceiling on other misc. deductions. After 40 years of experience I can guarantee that the deduction in themselves will not generate an audit. Now on the other hand if you have adjusted gross income of $100,000 and take misc. deductions of $12,000 that is not prudent unless you cane prove them On the other hand with the same AGI a reasonably deduction for misc. deductions might be a few thousand. Hope this helped.
flarkworms
Footballguy
The IRS takes the position that, unless you are in the "trade or business" of gambling, gambling winnings are taxable as "other" ordinary income, but offsetting gambling losses are only deductible as miscellaneous itemized deductions, subject to the 2% floor, the 3% phaseout and AMT. Therefore, your gambling losses would not actually "cover" your gambling winnings. I think there's a decent argument that this is unconstitutional (because it taxes more than "income"), but I believe that the court cases to this point favor the IRS.I have not taken the time to look it up, but I'm guessing that the IRS would take a similar position with respect to FF winnings. The amount you win is a "prize" subject to tax and the costs of earning the prize (maybe even including the entry fee) are miscellaneous itemized deductions.
Another interesting tax issue that I haven't looked up (but I may have to) is whether FFTOC is required to issue a 1099 for winnings that they mail on December 31 but will not will be received until January 3.
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