Knowledge Base/Common questions/Basics

Do I have to pay taxes on my FanDuel winnings?

Alexander Zelvin
posted this on July 06, 2012 12:58

You do have to pay taxes on your net winnings from fantasy sports.  We are required to issue a 1099 tax form to all players who have a net profit in excess of $600 for the calendar year.  In order to facilitate that and ensure that we can get you the tax forms on time, we may ask for some of the necessary personal information prior to that.  Please note that the $600 threshold is not based on withdrawals, but on net profit.  So you can calculate the approximate value as ((prizes won - entry fees)+bonuses) or as ((withdrawals-deposits)+account balance), both of which should yield approximately the same number.

 

Comments

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James Tran

what about previous year's loss ? is this calculated in current calendar year's taxable net winning ?

August 27, 2012 19:55
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Tim Akre
Would be nice to know Fanduel's FEIN for tax purposes since I haven't received my W-2G yet.
January 30, 2013 19:04
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Stephen J. Saporito

Using FanDuel has been really fun until going to make a withdrawl.  I was getting ready to recommend the site to a bunch of friends until I found that FD WILL require a SSN to make a withdrawl (regardless of the amount - I tried $200).  I think that your FAQs should be more clear rather than have it be a surprise when you go to take some winnings off the table.  Also, your 800# is the least customer friendly service I have ever called.  "Leave a message" - Really?

October 01, 2013 16:21