posted this on July 06, 2012 12:58
You do have to pay taxes on your net winnings from fantasy sports. We advise that you consult with an accountant before playing cash games on FanDuel.
FanDuel is required to issue a 1099 tax form on behalf of all players who accumulate a net profit in excess of $600 for the calendar year. In order to facilitate this and ensure we file your 1099 on time you need to ensure that your account information is updated. You can edit your personal account information here. Any users who meet the $600 threshold and have not updated their correct and legal information will be contacted ahead of time to do so. If contact is not successful, FanDuel will suspend the account until the information is correctly updated.
Please note that the $600 threshold is not based on withdrawals, but on net profit. 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.
To download a spreadsheet which includes all of your entry history, click the 'History" link at the top of the site and then click "Download as CSV".