DERBYWARS

[v j stauffer]

Playing in a 12 person Aqueduct game today if anyone would like to follow along and check out the site.

$370 entry.

1st $3000

2nd $1000

derbywars.com

[DRIVEWAY]

Will follow along.

Good Luck

[BreadandButter]

Are these considered sweepstakes as opposed to gambling? If so, do you receive at 1099-MISC for each contest winnings over $600 and 1099-MISCs totaling up all smaller ones at the end of the year?

Are you then able to deduct the costs of entering these sweepstakes from the winnings at the end of the year for tax purposes?

[v j stauffer]

Originally Posted by BreadandButter

Are these considered sweepstakes as opposed to gambling? If so, do you receive at 1099-MISC for each contest winnings over $600 and 1099-MISCs totaling up all smaller ones at the end of the year?

Are you then able to deduct the costs of entering these sweepstakes from the winnings at the end of the year for tax purposes?

Just a 1099 at the end of the year.

Losses can be set against winnings for taxes.

As for sweepstakes vs gambling. I expect the horse racing tourney sites are watching closely how things shake out with Draft Kings and Fan Duel on the sports side.

[Stillriledup]

4440 in entry fees and 4000 is giveback? They keep 440 as takeout?

[v j stauffer]

Tonight on DerbyWars there's a charity tournament benefitting Second Stride.

You can play up to 3 entries all at $20 per.

$800 to the winner.

I'll be in there along with some of the elite tournament players in the country.

Barbara Bowley

Anthony Trezza

Former NHC champion Michael Beychok

2014 NHC tour champion Brent Sumja.

There's game chat for trash talking.

Should be lot's of fun for a good cause.

Let's see PA well represented.

[BreadandButter]

Originally Posted by v j stauffer

Just a 1099 at the end of the year.

Losses can be set against winnings for taxes.

As for sweepstakes vs gambling. I expect the horse racing tourney sites are watching closely how things shake out with Draft Kings and Fan Duel on the sports side.

So just one 1099 at year end? Do they withhold anything on large wins (i.e., winnings over $5k) during the year?

[ronsmac]

Originally Posted by v j stauffer

Just a 1099 at the end of the year.

Losses can be set against winnings for taxes.

As for sweepstakes vs gambling. I expect the horse racing tourney sites are watching closely how things shake out with Draft Kings and Fan Duel on the sports side.

That's a real bummer. Our tax laws really suck. Play 50k in tournaments in a year , only get back 40k and you get a 1099. Even writing off the losses it may push your gross income to a level that screws up some of your itemized deductions.

[JimG]

Vic,

I stopped by and said hi prior to the last race of your contest, but must have missed you. I have been a member there since the beginning. It is a great site and I never had any issues getting paid.

I don't play the horses much any longer but do occasionally play a small contest on the site. Cannot believe how the site has grown through the years.

Continued success.

Jim

[PICSIX]

Originally Posted by Stillriledup

4440 in entry fees and 4000 is giveback? They keep 440 as takeout?

Yes, 10% takeout.

[Mulerider]

Originally Posted by v j stauffer

Playing in a 12 person Aqueduct game today if anyone would like to follow along and check out the site.

Nice hit in the 8th! In striking distance now.

[JimG]

Exciting finish as Vic won the contest and $3000 Nice job!

Jim

[Mulerider]

Congratulations! Were you just a little nervous after the 7th, or did you have 'em right where you wanted 'em?

[Stillriledup]

Originally Posted by PICSIX

Yes, 10% takeout.

Thanks.

[v j stauffer]

Originally Posted by Mulerider

Nice hit in the 8th! In striking distance now.

Thanks Mule.

Turned out OK.