DraftKings and Taxes. Any REAL CPA's here??

[vitterd]

After a year or so of small cashes. I won 1st place in one of the 4 dollar ones a few weeks ago for 30,000.

Since it's not considered gambling winnings....is this just miscellaneous income? What the best way to minimize tax burden. Thanks.

Ps....Draftkings pays out high amounts by bank wire.....in 2 day it hit my bank. Really fast payouts there.

 

[SECplayer]

I'm curious why it is not considered gambling winnings? I take it that's already been decided?

i assume it would be better if they were gambling winnings so you could deduct all other entry fees that lost?

 

[slapshot]

W99 could answer your questions send him a PM he might not see this thread

 

[mountain]

Willie is your man

 

[Willie99]

you mean a self-made millionaire that owns multiple properties and puts his nephews through law school and sits next to Robert Kraft doesn't have his own tax professional to call?

how can that possibly be?

 

[mountain]

Probably one of the more passive-aggressive threads I have seen in awhile

 

[vitterd]

Nah....Willie is not the guy. He's a fake. I've had multiple people tell me different things. Including 3 CPA's that I've had over the years. They all claim to know the best way. Was just curious if anyone here had thoughts.

 

[Willie99]

you mean a self-made millionaire that owns multiple properties and puts his nephews through law school and sits next to Robert Kraft doesn't have his own tax professional to call?

how can that possibly be?

rhetorical question, everyone knows the answer

 

[vitterd]

I'm curious why it is not considered gambling winnings? I take it that's already been decided?

i assume it would be better if they were gambling winnings so you could deduct all other entry fees that lost?

They tell me it doesn't fall under gambling winnings. Everyone seems to agree on that.

 

[terps1313]

You will receive a 1099 next year. It will show your exact winnings from the past year. It is miscellaneous income.

 

[vitterd]

You will receive a 1099 next year. It will show your exact winnings from the past year. It is miscellaneous income.

Seems to be consensus opinion. Thanks.

 

[terps1313]

Last year my 1099 didn't come until March. I had already finished my taxes by then and completely forgot about it. It was pretty annoying to have to amend my entire return. Nice hit by the way!

 

[vitterd]

Last year my 1099 didn't come until March. I had already finished my taxes by then and completely forgot about it. It was pretty annoying to have to amend my entire return. Nice hit by the way!

Thanks.....I was happy about it....probably will never happen again but I only play 4-8 bucks nightly. Pretty cool how quick they pay out.

 

[rolltide]

you mean a self-made millionaire that owns multiple properties and puts his nephews through law school and sits next to Robert Kraft doesn't have his own tax professional to call?

how can that possibly be?

awesome

 

[vitterd]

awesome

Not awesome....idiotic.

CPA's are like sports handicapping services....they all claim to be the best. They all claim to have the best "systems". 3 separate ones have given me 3 different pieces of advice.

A Licensed and real CPA would know this.

 

[Acebb]

you mean a self-made millionaire that owns multiple properties and puts his nephews through law school and sits next to Robert Kraft doesn't have his own tax professional to call?

how can that possibly be?

That's exactly what I was thinking.

The funniest part about this is that he's so happy to reveal that he doesn't even understand very basic tax information (after winning a "huge score" in poker, no less).

I got different answers!!!

This stuff is all over the Internet including this article:

DraftKings would not disclose which method it uses but says on its website it issues Form 1099-MISC to “customers with reportable income of at least $600.”

Just a complete idiot.

 

[Acebb]

How to show everyone you’re a boob on the Internet:

1. Insist Republicans and Trump supporters are dumb
2. Hang out at forum where you admit “90% disagree with me” on politics (meaning, the 90% are Trump supporting “idiots”)
3. Ask the dumb Trump supporting idiots about taxes while revealing you don’t understand very basic tax information.

There is no “better way” to report this income as it is not up to you on how to report it (and in any event it is no different than getting a $30,000 bonus at your job). It is all over the Internet that anything from fantasy sports is 1099-MISC income. There is no doubt about this as fantasy != gambling and nobody who actually spoke with a CPA would say these dumb things.

 

[vitterd]

Poker winnings and draftkings are completely different things.

Just seeing what opinions are here. But doesn't seem we have licensed CPA's here.

Ive been told several different ways to offset this from real accountants

 

[slapshot]

so know along with working lot K and hanging out at the soup kitchen V will be scavenging the horse tracks for losing tickets hno:

 

[mountain]

Poker winnings and draftkings are completely different things.

Just seeing what opinions are here. But doesn't seem we have licensed CPA's here.

Ive been told several different ways to offset this from real accountants

Come on man, give the members a break. It was clear from the title of your thread that this was a slap at Willie. Ace is right, a simple Google search would tell you everything you want to know on how to report the income. Capitalizing REAL in the thread title was a rookie mistake in the art of successful passive aggressive behavior along with your last sentence above.

Just for the hell of it since you mentioned three different CPA's, what were their opinions on how to report the income? This should be interesting.