Is winning money in FANTASY LEAGUES considered gambling income for tax purposes??

[Fishhead]

The 100% legal operations in the U.S.A.

If not, what do the winners report it as being?


Thanks in advance
FH

[flyingillini]

Fishhead always thinks of everything! Keep up the good work fisher

[Fishhead]

Fishhead always thinks of everything! Keep up the good work fisher

Never participated in legal fantasy leagues for money in the U.S.

I know winnings are taxable, but is it listed on LINE 21(other income) as GAMBLING.

If it is, I presume it can be written off with gambling losses on Schedule A then.

[exstatman]

What happens if you win "slot credits" in a tournament; are they taxable? Let's say you win an amount of slot credits that if they were cash would be reportable, say $2000, but once you cycle through, end up with a non-reportable amount?

[Fishhead]

What happens if you win "slot credits" in a tournament; are they taxable? Let's say you win an amount of slot credits that if they were cash would be reportable, say $2000, but once you cycle through, end up with a non-reportable amount?

Not sure exactly what your asking.

Each slot session(win or loss) should be implemented in your diary. A session can be different things to different gamblers though and it would take me hours to explain this on a forum.

FH

[exstatman]

I get offers for tournaments that pay slot credits to the winners, are slot credits considered cash for tax purposes?

[Fishhead]

I get offers for tournaments that pay slot credits to the winners, are slot credits considered cash for tax purposes?

It depends how much you win or lose with them when you actually begin playing.

If they award you 200 bucks in slot credits(usually you have to play this through once before cashing out), thus if you cash out $100, you have WON $100 and that amount should be recorded in your diary for tax purposes.

FH