Daily Fantasy Sports and the IRS

[CuriousWhale]

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?

[tagteam]

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

[CuriousWhale]

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

[tagteam]

https://www.forbes.com/sites/anthonynitti/2020/10/19/in-recent-ruling-irs-again-concludes-that-daily...

[CuriousWhale]

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