NFFC Payment Plans For 2008

Coltsfan · Post by **Coltsfan** » Wed Dec 03, 2008 11:17 am

Our first year we won the league and $5,000.

The next year as we are sending our money in, our wives were both upset about the amount of money we are spending on fantasy football.

It's amazing how fast they forget!

Wayne

King of Queens · Post by **King of Queens** » Wed Dec 03, 2008 4:03 pm

Originally posted by GK:
...thanks all for the intersting and helpful info here but still have ONE question; on the earnings that SNAKE has made RIGHT NOW - IF SNAKE requested that Greg SEND him a check at the beginning of next year (January 2, 2009 for example) would that then be considered 2008 or 2009 earnings for SNAKE?...that is all - does anyone have a definite answer here?...again, thanks much...SNAKE Originally posted by Greg Ambrosius:
If for any reason you want to delay your payment to 2009, please contact me or Tom immediately and we'll pull out your form. To each his own.Payment in 2009 = 1099-M in 2009, taxes payable 4/15/2010

CC's Desperados · Post by **CC's Desperados** » Wed Dec 03, 2008 4:25 pm

Originally posted by GK:
...thanks all for the intersting and helpful info here but still have ONE question; on the earnings that SNAKE has made RIGHT NOW - IF SNAKE requested that Greg SEND him a check at the beginning of next year (January 2, 2009 for example) would that then be considered 2008 or 2009 earnings for SNAKE?...that is all - does anyone have a definite answer here?...again, thanks much...SNAKE Glenn-

I know you had at least 4 entries this year maybe more-$1300 LV DC, NBC, NFFC, and Snake classic which I'm thinking is around $350. You have at least $4250 entry fees. You must have at least another $1000 between all the deductions Rob listed maybe even more. This would bring you income down to $1750 this year. You would owe only 15% roughly social security-$250 and what ever tax bracket you were in for federal plus you state tax if Florida has any.

If you push it to next year, you will have the same numbers if you enter the amount of events next year. If you win any other money say $100,000, you will have to add the $7000 to the $100,000 for next year.

I'd take my $7,000 and do some creative accounting and wipe out most of it this year.

INIT2WINIT · Post by **INIT2WINIT** » Wed Dec 03, 2008 4:30 pm

IF I PAYED 1350 TO PARTICIPATE AND WON 1250 IS THAT A WASH, CAN I DEDUCT THE 1350 AS A LOSS AND CANCEL THAT OUT???

CC's Desperados · Post by **CC's Desperados** » Wed Dec 03, 2008 5:17 pm

Originally posted by INIT2WINIT:
IF I PAYED 1350 TO PARTICIPATE AND WON 1250 IS THAT A WASH, CAN I DEDUCT THE 1350 AS A LOSS AND CANCEL THAT OUT??? I wouldn't want to take a loss unless I won big a prior year. I would just get it to zero income.

Ted's Cracked Head · Post by **Ted's Cracked Head** » Wed Dec 03, 2008 5:40 pm

You cannot take a "loss" but you can wash your winnings with the entry fees and expenses or so I am told by my accountant.

CC's Desperados · Post by **CC's Desperados** » Wed Dec 03, 2008 10:30 pm

Originally posted by Rob B:
You cannot take a "loss" but you can wash your winnings with the entry fees and expenses or so I am told by my accountant. I don't agree. If I won a $100,000 and paid all those taxes in one year, this is no doubt I would take a loss the next year if I had one. This isn't gambling winnings. As in any business the IRS would red flag you if you took losses year after year. I don't consider what I do in fantasy sports a hobby.