Nathan Rigley, A Lead Tax Research Analyst At H&R Block, Spoke With Thelines.com To Offer Advice For Bettors Making Preparations For 2018 And Beyond.
This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for draftkings, and sites like it, to stay in. I'm a newbie to sportsbook plays and live here in illinois and confused by the taxes for the end of the year. Draftkings shall use commercially reasonable efforts to process requests for withdrawal within fourteen (14) days of draftkings' receipt from the user of any tax reporting paperwork or other information reasonably required by draftkings, with the exception of any such requests coming from persons physically located in colorado, which will be.
The Best Way To Ask What Will Happen Is To Put Two Scenarios Out There.
If you take home a net profit of $600 or more for the year playing on websites such as. I understand you have to be responsible to keep a log of your wins and losses and will get a form to fill out for taxes. We should mention that most bettors should have received their draftkings 1099 forms in the mail after february 1st.
That Number Then Goes On Your U.s.
I just won 3300 on the popular sports site draftkings on the form there was a box to check about exempt from 24% withholding tax should i have checked that. However all the wagers were on blackjack tables and the casino is referring to these wagers as slots which is not correct. A separate communication will be sent to players receiving tax forms once they are available for download in the draftkings document center, accessible via the draftkings website.
Sbwagers $21677 = Money Wagered.
Question For Those That Have Actually Received A 1099 From A Sportsbook.
Those sites should also send both you and the irs a tax form if your winnings are $600 or more. And/or appropriate tax forms and forms of identification including but not limited to a driver's license, proof of residence, and/or any information relating to payment/deposit accounts as reasonably requested by draftkings in. We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the winnings are at least 300 times the wager.