faux saint laurent bagfaux saint laurent bagEvery year, I join a fantasy football league with my friends and every year, I lose. But if you frequently place bets on sporting events, and find yourself winning, it may have an impact on your taxes. Winnings From Online Sports Sites Are Taxable If you take home a net profit exceeds $600 for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. Fortunately, you can deduct losses from your gambling only if you itemize your deductions. Gambling losses can be deducted up to the amount of gambling winnings. Whereas your winnings are reported by the payer on a Form W2-G, your losses may not be reported. It may also be possible to establish your losses by keeping some type of detailed log. faux saint laurent bag
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