I am very confused on how to report my Daily Fantasy Sports Winnings. I received a 1099 from Draftkings for $4599.
The article below by TT says to report as Other Income.
https://turbotax.intuit.com/tax-tips/general/tax-considerations-for-fantasy-sports-fans/L75xYecdS
However the IRS has stated they view DFS as Gambling. If that is the case, why do i receive a 1099 and not W2-Gs?
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If you got a 1099-misc box 3 then you can either enter it as gambling winnings so that you can deduct losses on the Sch A or as other income on Sch 1 line 8. As to why they sent that form ? You would have to ask them.
So report the value on the 1099 as Other Income and then if i have losses from any other avenues i can itemize?
NO ... to deduct gambling losses you MUST report the winnings as gambling winnings or they will not be allowed. In the gambling winnings section you can enter them without the W-2G form ... just read the screens.
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