When you’re browsing the internet for a reliable online sportsbook and online casino, there are a lot of different things to consider. Geographical location, sign up offers, how slick the software is, the promotions they offer, what sort of betting is available. But one thing that people often overlook is your account and finance maintenance. So today we’re going to talk about all that for one particular online sportsbook and casino, and we’re going to focus in on FanDuel taxes.
Can I set up a FanDuel account?
Before we start talking about the different banking options available to you, and of course the FanDuel taxes question, you need to know if you’re eligible to sign up for FanDuel in the first place.
The good news is that there are a decent handful of states in which FanDuel operates 100% legally. So if you’re over the age of 21 and you’re physically located within the state borders of New Jersey, Pennsylvania, Indiana, West Virginia and Colorado, chances are you can sign up and play.
Plus when you do, you can take advantage of this quite spectacular welcome offer.
Do I have to pay FanDuel taxes?
Well the first thing we’ll say is that you need to declare any winnings you have to the IRS. FanDuel highly recommend you getting a professional to do this.
This is especially important if you win large amounts or you’ve won a bet with long-shot odds.
Does FanDuel report my winnings to the IRS?
So a common FanDuel taxes question is whether or not the site itself reports winnings to the IRS. This does happen, but in limited circumstances.
If you win any bet with super longshot odds, where winnings are 300x more than the wager, and you win $600 or more, your winnings are reported to your home state’s tax office and to the IRS.
Then if you win $1,200 or more from a slot game, your winnings are also reported to the same people.
Are FanDuel taxes every withheld from my account at the site?
Yes, occasionally FanDuel taxes are withheld from your account. For example, if you make a bet that results in winnings of $5,000 or more and where the winnings are at least 300x the wager, then a certain percentage is withheld.
This may change from state to state. but in New Jersey, 3% of the total amount of your winnings goes to the State of New Jersey Division of Taxation. Then 24% goes to the IRS.
Will FanDuel send me tax forms?
Yes, they will, again in limited circumstances. If you meet any of the criteria outlined above, FanDuel sends you a Form W2-G by 31 January.
What if I need another copy of my W2-G?
If you or your accountant need another copy of your FanDuel taxes Form W2-G at any point, you can get it quickly and easily.
Simply go to the FanDuel desktop site to access it. Just remember that this service may not be available on the mobile site or mobile app.
What happens if my W2-G is blank?
Is your Form W2-G blank? That means that you haven’t met the conditions for FanDuel taxes to send you out one of these forms. So in short, none of your wagers qualified for it.
This does not, however, necessarily mean you don’t need to pay any taxes on your winnings at FanDuel for that tax year. Consult your accountant for more information.
Where can I find my FanDuel taxes statement?
Want to find your overall profits/losses from a certain tax period?
You can find your FanDuel taxes statement in the Transaction History section of the desktop version of the website.