Tax Question

Purple Helmets · Post by **Purple Helmets** » Wed Apr 14, 2010 10:17 am

When offsetting fantasy winnings with entry fees for the events, does one enter the entry fees as (a) a gambling loss or (b) as an other deductible expense?

Any help/input is greatly appreciated.

Purple Helmets · Post by **Purple Helmets** » Wed Apr 14, 2010 11:10 am

I'm good now...Shawn Childs came to my rescue.

Gekko · Post by **Gekko** » Wed Apr 14, 2010 11:12 am

kevin - a little late in the game to be asking

with all your winnings last year, u have the $ to hire someone

Purple Helmets · Post by **Purple Helmets** » Wed Apr 14, 2010 2:07 pm

Originally posted by Gekko:

kevin - a little late in the game to be asking

with all your winnings last year, u have the $ to hire someone I've been a Turbo Tax man for a while...with fantasy being a bigger part of my income last year, wanted to make sure I wasn't asking for an audit. Will probably get one regardless...oh well.

Gekko · Post by **Gekko** » Wed Apr 14, 2010 2:21 pm

Originally posted by Purple Helmets:

I've been a Turbo Tax man for a while...with fantasy being a bigger part of my income last year, wanted to make sure I wasn't asking for an audit. Will probably get one regardless...oh well. the best advice i can give: be honest about your deductions

Purple Helmets · Post by **Purple Helmets** » Wed Apr 14, 2010 3:50 pm

I was more than honest...didn't even claim all of my fantasy league entry fees. But I know that adding the Schedule C and referencing a portion of the Platinum League entry fee of $25k will raise eyebrows.

If an audit comes, I'll be fine...but dealing with the IRS is never constructive or time friendly.

no-you-won't · Post by **no-you-won't** » Wed Apr 14, 2010 5:47 pm

be a real man and don't even file your taxes.

Gekko · Post by **Gekko** » Wed Apr 14, 2010 11:00 pm

Originally posted by Purple Helmets:

I was more than honest...didn't even claim all of my fantasy league entry fees. But I know that adding the Schedule C and referencing a portion of the Platinum League entry fee of $25k will raise eyebrows.

it's a zero sum game. either you get the money or the government does. if the deductions are legit, you have nothing to worry about

Carl · Post by **Carl** » Sat Apr 17, 2010 1:15 pm

Anyone know shawn childs name on here? new to the message boards but i need help with basically the same question. First time played for prizes for over $600 and I don't know what to do with itemizing and deductions etc.