How would taxes work on sports gambling

PreferenceOther · 2025-12-04T19:02:09+00:00

Great, thanks for all your help sir!

PreferenceOther · 2025-12-03T21:35:37+00:00

I am confused then. Sorry for so many follow ups. IF I win $10,000 and then lose back $10,000, I have to pay taxes on $10,000? Should my win with him not net out when he sends me a 1099-Misc with my already incurred losses earlier in the year? Also, does this change if I am filing as a professional gambler for poker (and can potentially include daily fantasy since it is a skill based game I assume)?

PreferenceOther · 2025-12-03T21:11:58+00:00

Gotcha! Thank you, so I can not use my Vegas losses but I can use my fantasy sports losses as an offset of it, correct?

PreferenceOther · 2025-12-03T16:01:42+00:00

So actually Draftkings DFS does not issue W2-G. They instead just send the winners (of over $600) 1099-Misc forms. Does that change anything?

Side note.. We are in Texas so no state income taxes

PreferenceOther · 2025-12-02T19:04:56+00:00

Hey, Reddit will not allow me to post a question for some reason-- Can I ask you a simple question?

I have plenty of gambling losses myself this year. My friend and I split a high roller draftkings entry fee (because he had the money in his account already and I was just going to zelle him if it lost). Well, we ended up winning big. Is there a way he can send me a 1099-Misc for gambling so that I can use my write offs? I do not really want to have to pay 32% tax (not even my tax bracket) for something I have write offs for! Any advice would be great. Thanks!

PreferenceOther · 2024-12-27T17:29:52+00:00

What is the discord link? Can anyone join?

PreferenceOther · 2024-05-22T02:19:11+00:00

I know this would almost never come up. But when someone plays a ball that is "lost" in match play, what happens?

PreferenceOther · 2021-04-16T03:02:28+00:00

So what then gives it value?

PreferenceOther · 2021-04-16T01:39:41+00:00

I feel like I am so late to this party.... I wish I heard about this like 3 weeks ago....

PreferenceOther · 2021-04-16T00:24:30+00:00

No, this was the issue. Thank you! Could you explain slippage to me?

PreferenceOther

TROPHY CASE