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.