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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Amount Withdrawn: $116,287.68
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January 30, 2023
10:49 PM