Can FANTASY SPORTS win/losses be considered gambling WINS/LOSSES for TAX PURPOSES?
???????????????
If not mistaken, don't believe they can.
If not mistaken, don't believe they can.
-
-
Why not?Comment -
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.Comment -
Yes fishhead.Comment -
I'm pretty sure that if you win over $800 in fantasy sports, you have to claim it as income.Comment -
I would never report this ever. Lol.Comment -
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...
Comment -
no on the fantasy football thingComment -
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.Comment -
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 duelComment -
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.Comment -
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.............Comment -
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.Comment -
I thought they got around the whole "gambling" thing by saying It's a game of skill not chance.Comment -
no you cannot deduct your fantasy losses, you cannot. If you are losing in fantasy you need to quit. Wtf are you playingComment
