That's why I don't use PayPal for withdraws anymore... If I understood this correctly I could be taxed by DraftKings on my sports bet winnings, along with being taxed by Paypal to withdraw those same winnings.
I’ve bet literally 1000 all 2023, I’m currently at a gross total of $1,336.50 (net $336.50) that’s under $600. Do I pay taxes this year on that $1,336.50 or nothing since my net is under $600? Please help
You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. For example: If you won $3,000 but lost $3,500, you can only deduct $3,000 in losses.
All these videos just read directly from IRS and never give clear answers. So if winnings are $1,600 and bets are of $1,000, would it $600 only be reported as winnings or the $1,600. Some people get a better standard deduction
You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. So if you won $3,000 but lost $3,500, you can only deduct $3,000 in losses
@@mstacks85 is this 100% true ? So if I keep my winnings in my DraftKings account I won’t have to pay any tax you’re saying just as long as I don’t withdraw it to my bank
Don’t listen to this guy. Bet winnings (wether left in, or withdrawn from your DraftKings/FanDuel etc..) are counted as taxable income at the end of the year.
@@jamesacosta8934 You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. So if you won $3,000 but lost $3,500, you can only deduct $3,000 in losses
I was literally doing my taxes wondering wtf to do because I had a good year in dfs last year. Thanks for the great info!
Did you have to pay more taxes because of your sports bet winnings?
That's why I don't use PayPal for withdraws anymore... If I understood this correctly I could be taxed by DraftKings on my sports bet winnings, along with being taxed by Paypal to withdraw those same winnings.
I’ve bet literally 1000 all 2023, I’m currently at a gross total of $1,336.50 (net $336.50) that’s under $600. Do I pay taxes this year on that $1,336.50 or nothing since my net is under $600? Please help
You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. For example: If you won $3,000 but lost $3,500, you can only deduct $3,000 in losses.
@@0025djsk1Then, what if all your winning has been less than 600.00 per bets? Those are not taxable, right?
Does anyone have a tax service for sports card investing also?
All these videos just read directly from IRS and never give clear answers. So if winnings are $1,600 and bets are of $1,000, would it $600 only be reported as winnings or the $1,600. Some people get a better standard deduction
You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. So if you won $3,000 but lost $3,500, you can only deduct $3,000 in losses
So net profit above $600 youre taxed.
No. 300.1 odds and over $600 winnings
Is it taxable as soon as I win it or as soon as I withdraw it from the website into my bank account?
It ain't "income" until it's deposited "in" your bank
@@mstacks85 is this 100% true ? So if I keep my winnings in my DraftKings account I won’t have to pay any tax you’re saying just as long as I don’t withdraw it to my bank
@@ixxPETERxxi yep, can't report what you don't have
Don’t listen to this guy. Bet winnings (wether left in, or withdrawn from your DraftKings/FanDuel etc..) are counted as taxable income at the end of the year.
You must report all winnings over $600 as "Other Income" on your tax return, even if you didn't withdraw.
It’s not 300.1 or $600
It’s 300.1 and $600
if i lost overall for the year, do i still have ti report it? say i won 3k but lost 3.5k overall for the year.
Good question. I’m curious as well
Whats the answer 🤔
no one knows i guess lol
@@qkingoftears you do have to report it but you wont get taxed i believe
@@jamesacosta8934 You must report all winnings as "Other Income" on your tax return and you must report all winnings over $600. You can also deduct losses up to the amount won. Keep good records and report accurately on your tax return. So if you won $3,000 but lost $3,500, you can only deduct $3,000 in losses