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larryzfp
Level 4
February 12, 2020
Solved

FanDuel Sports Betting

  • February 12, 2020
  • 10 replies
  • 28 views

Anyone have any experience reporting FanDuel as a loss? 

This topic has been closed for replies.
Best answer by RollTide68

I think this will most likely fall into one of two categories; Hobby Loss or Gambling

Either way loss will likely be limited to winnings

But if the client wants to classify it a business and wait to see what the IRS thinks I would explain the consequences 

https://www.cpajournal.com/2019/06/17/earning-real-income-from-fantasy-sports/

10 replies

RollTide68
RollTide68Answer
Level 7
February 12, 2020

I think this will most likely fall into one of two categories; Hobby Loss or Gambling

Either way loss will likely be limited to winnings

But if the client wants to classify it a business and wait to see what the IRS thinks I would explain the consequences 

https://www.cpajournal.com/2019/06/17/earning-real-income-from-fantasy-sports/

    L
    larryzfpAuthor
    Level 4
    February 12, 2020

    Thank you! 

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