NFBC Message Boards

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.

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

kevin - a little late in the game to be asking



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

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.

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

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.

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

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

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.