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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
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QUESTION:
How do I report my fantasy sports league winnings?
If you itemize deductions on your taxes, you can deduct any gambling losses incurred during the year on Schedule A. But you are limited to deducting only to the extent you have winnings. So if you won $1,000 from your fantasy football team but lost $1,500 on your basketball brackets, you'll only be able to deduct $1,000 of those losses.
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