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chilidogdad
New Member

Gambling 1099-K's

Regarding withdrawals from legal sports books (draftkings, fanduel, etc.). They only send 1099-K's regarding my withdrawal, not taking into account deposits, P/L, etc. How do I account for my actual profit rather than my amount I withdrew in the calendar year?

1 Reply
EricE_CPA
Employee Tax Expert

Gambling 1099-K's

Follow the examples in this article.  It addresses everything in regards to reporting your income taxes related to DraftKings, etc...

Tax Considerations for Fantasy Sports Fans 

 

In the above link see the section: Organizers calculate players' net profits using a formula

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