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Level 3
posted Sep 27, 2022 7:07:49 AM

Daily Fantasy Sports and the IRS

The IRS meMo in 2020 determined Daily Fantasy Sports are wagering. 

if this is the case, why are DFS providers allowed to report NET on 1099s that the taxpayer then reports as NET on the return?

 

 

0 4 462
4 Replies
Level 15
Sep 27, 2022 7:15:30 AM

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

Level 3
Sep 27, 2022 7:17:44 AM

Thanks for the response but that doesn’t answer the question . 

Level 15
Sep 27, 2022 7:21:09 AM

https://www.forbes.com/sites/anthonynitti/2020/10/19/in-recent-ruling-irs-again-concludes-that-daily-fantasy-sports-are-gambling/?sh=46914026437f

Level 3
Sep 27, 2022 7:50:34 AM

Believe  me I’ve ready every article on this and nothing ever addresses why the reporting by companies is allowed to be NET if gambling is always GROSS