[Fishhead]

???????????????


If not mistaken, don't believe they can.

[Justin7]

Why not?

[Fishhead]

Why not?

I don't know...........can they?

[pavyracer]

Can buying lottery tickets that don't win considered a gambling loss? Because when the odds of winning are 1 to 150 million it's gambling buying a ticket.

[Fishhead]

Can buying lottery tickets that don't win considered a gambling loss? Because when the odds of winning are 1 to 150 million it's gambling buying a ticket.

Stay on topic please.

Yes, of course lottery tickets can be written off as losses on Schedule A.............what about FANTASY SPORTS losses?

[FreeFall]

Yes fishhead.

[Fishhead]

Yes fishhead.

Can we get a quadruple confirmation from others on this...................thanks.

[No coincidences]

I'm pretty sure that if you win over $800 in fantasy sports, you have to claim it as income.

[Fishhead]

I'm pretty sure that if you win over $800 in fantasy sports, you have to claim it as income.

Wrong answer..................technically, if you were to win $1 and lose nothing........you are liable for $1 in winnings(although nobody would report this) to the IRS.

[Marigold HD]

I would never report this ever. Lol.

[Fishhead]

I would never report this ever. Lol.

You do realize some individuals are NETTING over 100,000 per year on FANTASY SPORTS........................have fun not reporting that.

[BIGDAY]

Another thought,
What if you are collecting/treasurer of your league?? Are you considered an illegal bookie, taking sports wagering funds? Probably could be considered I guess...

[ttwarrior1]

no on the fantasy football thing

[brooks85]

You do realize some individuals are NETTING over 100,000 per year on FANTASY SPORTS........................have fun not reporting that.

ya? who are they and where do i sign up?

[Mr KLC]

I used to play Fantasy baseball frequently with CBS Sportsline. They would send me a 1098 form every year for my winnings, so I would be forced to claim it on my taxes.

[ttwarrior1]

done the same thing with cbs and never got a form ever
Plus i think he means leagues where you use cash money. Like you can't claim this sbr league, etc or fan duel

[HotStreak]

Fantasy Sports is not considered gambling. It is a game of skill. This allows all these sites to host cash leagues legally in the U.S.

[Fishhead]

Fantasy Sports is not considered gambling. It is a game of skill. This allows all these sites to host cash leagues legally in the U.S.

Correct

Having said that, if I lose $12,000 in fantasy sports, can one deduct that on Schedule A(along with my regular gambling losses) to offset reported winnings on Line 21.......................simple question.


Justin7, you must know the correct answer to this question.............

[HotStreak]

Fantasy Sports is not considered gambling; therefore, you would not be able to write it's cost as gambling losses.

Unless you made a profit at it for a few years straight, Fantasy Football would be considered a hobby here is a cut and paste

IRS tax form 1099-B and your hobby or barter income

IRS tax form 1099-B records barter income. It is often difficult to distinguish the difference between barter or hobby income and self-employment income.

For tax purposes, barter income, which is either the exchange of property and services for other property or services or reimbursement for referrals, can be included as other taxable income or as self-employment income. Either way, it is fully taxable.

Income produced by a hobby is considered other taxable income unless it has consistently been profitable over the past few years. After three years of yielding an income, your hobby is considered a business and you are required to report it as self-employment income.

Otherwise, include the gross profit your hobby earned under the "miscellaneous taxable income" category. Remember, you may deduct the losses or expenses of your hobby as a miscellaneous itemized tax deduction as long as you report hobby income and pay the required taxes. Hobby losses can be claimed as a deduction up to the amount you are claiming as taxable income.

[Waz]

Correct

Having said that, if I lose $12,000 in fantasy sports, can one deduct that on Schedule A(along with my regular gambling losses) to offset reported winnings on Line 21.......................simple question.


Justin7, you must know the correct answer to this question.............

Fish,

I'm a CPA and can tell you that you can 100% deduct your fantasy losses against your gambling winnings. Talk to me offline and I can give you a few additional tips on how to maximize your tax situation.

[Ninersnut]

I thought they got around the whole "gambling" thing by saying It's a game of skill not chance.

[ttwarrior1]

no you cannot deduct your fantasy losses, you cannot. If you are losing in fantasy you need to quit. Wtf are you playing

[Fishhead]

Fish,

I'm a CPA and can tell you that you can 100% deduct your fantasy losses against your gambling winnings. Talk to me offline and I can give you a few additional tips on how to maximize your tax situation.

Thanks