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Level 2

Question

DraftKing Sportsbook

Forum|Forum|6 years ago
March 24, 2020
1 reply
0 views

I do my families taxes - in 2019 one son was online betting. I received a summary of his activity (and am receiving a spreadsheet with each transaction). In talking with the Casino their opinion is he did not have any reportable income. The summary record is below - how do I enter the information into Turbotax (if at all)?

SBWagers $21677

SBWinnings $20502

WinLoss -$1174.89

GamingDeposits $2003

GamingWithdrawals $669

Net Loss: -$1334.58

A

Anonymous

SBWagers $21677 = money wagered

SBWinnings $20502 = money won

WinLoss -$1174.89 = net loss (21677-20502=1175)

GamingDeposits $2003 = money wagered

GamingWithdrawals $669 = money won

Net Loss: -$1334.58 = net loss (2003-669=1334)

i totally disagree that he had no reportable income or deductions.

winnings 20502 + 2003

losses on schedule a limited to winnings 20502+2003

you can not net winnings and losses. winnings must be reported gross and losses are limited to winnings and are only deductible if one itemizes.

Level 2

I don't understand how there can be so much discrepancy on this! Where should I get the definitive answer?

Thanks though, I appreciate your response.

Level 2

To add to the discussion, I asked for a W2G to be generated and they said they won't, he didn't qualify for one!