NFFC Payment Plans For 2008

Nutty Scrat · Post by **Nutty Scrat** » Thu Dec 04, 2008 1:12 am

Originally posted by GK:
...need help in understanding here please...

1) if SNAKE elects to defer payment on his earnings until after January 1st will he or will he not be responsible for the winnings for 2008?...

...anyone please?....thanks much...SNAKE Glenn. I think it really depends on when the 1099 is issued for your winnings. If your receive a 1099 for 2008 it must be reported in 2008 unless you can prove otherwise to the IRS and it probably is much more of an hassle if you have to to that. If the 1099 is issued in 2009 you should be all set because Krause is telling the IRS with that form that your recieved the income in 2009. I think the year the 1099 is issued for is the key because that lets the IRS know you received income for that year. Hope this helps a little.

Coltsfan · Post by **Coltsfan** » Thu Dec 04, 2008 1:26 am

My understanding is that if you want to offset your winnings in fantasy football you can begin to look at writing everything that you might have spent to assist you in your winnings. I think that travel is definitely fair game, meals while traveling, your internet service, any football websites you pay to subscribe to. You might even be able to take depreciation on your computer. Of course it helps to have earnings to do all of this.....

Wayne

kapefear · Post by **kapefear** » Thu Dec 04, 2008 1:56 am

Thank God Shawn "CC Desperados" is mt TAX guy........I knew I picked a good one....

Ted's Cracked Head · Post by **Ted's Cracked Head** » Thu Dec 04, 2008 4:38 pm

quote:
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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.
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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. Shawn,

I have been advised to NOT take a loss by my accountant. It falls under why do it and attract more attention.

Jersey Dawg · Post by **Jersey Dawg** » Wed Dec 10, 2008 8:42 am

Greg - Did the paperwork make it over to Cincy this week? Just curious. Thanks - Pete

Jersey Dawg · Post by **Jersey Dawg** » Mon Dec 15, 2008 3:22 am

Bump... Does Cincy have our papers yet? If so, is there a "mailing" date? Just trying to set my Christmas budget. Thanks - Pete

Dave Clum · Post by **Dave Clum** » Mon Dec 15, 2008 4:45 am

Wow,I thought I was the only one that had trouble with this.When I hand all of my paperwork to my accountant his eyes kind of glaze over,and I kind of get the feeling that he has no clue as to what I am talking about.

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Dec 15, 2008 4:52 am

Originally posted by Jersey Dawg:
Bump... Does Cincy have our papers yet? If so, is there a "mailing" date? Just trying to set my Christmas budget. Thanks - Pete I do not have a final date yet, although I've been assured that all checks for folks who have sent in their W-9s by now will all be dated 2008 and mailed out no later than Dec. 29th. I know they are working on them now in Cincinnati because I'm getting all kinds of questions about mailing addresses, social security numbers, etc. I've asked them to let me know if they will be able to mail them this week or next week and I'll post the answer here when I hear back from accounting.

My guess is next week, so buy that nice Christmas present with the credit card and you'll have your winnings before the bill is due.

Although I will admit that I have no idea how many days it will take for the mail to get the checks to you.

[ December 15, 2008, 10:53 AM: Message edited by: Greg Ambrosius ]

Shrink Attack · Post by **Shrink Attack** » Wed Dec 17, 2008 1:05 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. Yes, but Rob...is your accountant treating these earnings/expenses as:

1) A hobby
2) A self-employed business
3) Gambling

This is REALLY the important question at hand here.