Mo1234
Returning Member

I use PayPal to deposit/withdraw funds to my online sportsbook account. I received a 1099-k but the “income” is related to withdrawals I made from my online sportsbook.

I reported my gambling wins and losses already, so I’m worried about being taxed twice. The 1099-k shows income of $116,987.68.

 

The W-2G only shows $12,090. But the activity statement I downloaded from the sportsbook shows the below…

 

Amount Deposited: $166,397.79

Amount Played: $871,428.11

Amount Won: $821,315.04

Amount Withdrawn: $116,287.68