Anonymous
Not applicable

Get your taxes done using TurboTax

Ok, this is what I was looking for.

https://turbotax.intuit.com/tax-tips/general/tax-considerations-for-fantasy-sports-fans/L75xYecdS

For online fantasy sports (and presumably online sportsbooks and online casinos), net profits are to be reported as additional income.


Net profits can be calculated as (Withdrawals + Year End Account Balance) - (Deposits – Beginning Year Account Balance) = net profits.

 

If net profits exceed $600 in a tax year, a 1099-Misc will be generated. If any individual qualifying win triggers a W-2G, those will be generated as needed.

 

This is also in alignment with what the online casino confirmed for me.