Writing Off Your FanDuel Losses: Earn Money For Your Losing Money

Write Off FanDuel Losses

FanDuel is the next generation of fantasy football. Fantasy managers have been winning and losing thousands of dollars in FanDuel bonus money worldwide.

Can I write off FanDuel losses? Yes, you can write off FanDuel losses by itemizing your deductions on a form called Form 1040, Schedule A.pdf. The number of losses you deduct should not exceed the number of winnings you reported on your return for gambling.

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If you fail to itemize deductions, you probably will not have any of your losses deducted from your taxes. This article will tell you more about deducting gambling losses, along with some tips to avoid losing.

Gambling Losses May Be Deducted

Luckily, because all your winnings are reported on your tax return, you are not obliged to pay the entire amount of tax. You are entitled to report your annual gambling losses with an itemized deduction on Schedule A of your tax return.

You no longer need to pay any tax on your winnings if you have lost as much or more than you won over the year.

You can subtract only as much as you won during the year, even though you lost more than you won. However, if you fail to itemize the deductions, you get no allowance for your losses at all.

Itemizing Your Deductions

The benefit of itemizing is that it makes it easier to obtain a higher deduction than the standard. However, you should complete and file a Schedule A and keep lists of all your expenses in your tax return.

Itemizing Requirements

You must pay your income taxes using Form 1040 to claim deductions. Your itemized deductions on Schedule A:

  • On the related lines of Schedule A, enter your expenditures.
  • Add everything.
  • Copy the total amount to the second page of your Form 1040.
  • Subtract your income or winnings from the total amount to arrive at the final net income figure.

Deciding Whether to Itemize

Remember that you would be giving up the standard deduction number while determining whether to itemize.

So, make sure that the balance of your itemized deductions is higher than the deduction number. Ensure that everything is accurate for your filing status after rounding up your itemized deductions.

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If it is not, and if you itemize, you will more certainly pay extra in taxes.

Importance of Keeping Records

You must list all your gross yearly gaming winnings and expenses in your tax form.

You should be able to show the sum of both your winnings and losses when auditing. Only then will your losses be allowed by the IRS.

You should always maintain accurate documents of all your wins and losses over the year. This is where most gamblers mess up! Most gamblers forget to note down everything.

They tend to forget essential records. As a result, even though your losses outweigh your winnings for the year, you will ultimately owe taxes on winnings declared to the IRS.

All gambling records must be kept safe and secured, such as:

  • The type and date of gambling
  • Information about the place where you played, such as name and address
  • The players you gambled with
  • The amounts you won and lost

Receipts to prove your losses should include:

  • Receipts from the gambling facility
  • Wagering tickets
  • Form W-2G
  • Form 5754
  • Canceled checks or credit records

Loss of Deductions Limitations

The number of losses you can deduct should never be higher than your reported winnings or income. Let’s say you have $7,000 in winnings but $10,000 in losses; the deduction is limited to $7,000.

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You can never write off the remaining $3,000, nor can you roll it over to the coming years.

Tips to Improve Your Consistency and Avoid Losing

Weekly Analysis of the Contest Played, Winning Lineups, and Types of Players.

  • Remember to categorize by type of contest entered: head to head, cash games, 50/50 matchups, leagues and guaranteed prize pool (GPP) tournaments, and single entry.

  • Takedown notes of the number of participants and where (percentile) you are finishing. Always base it on the size of the pool.

  • Have a look at the top winning lineups and the player’s experience in beating you—to be more specific, the styles of the contest they participated in.

  • The most obvious and important part is the amount of cash you are earning per contest type.

Improved Stats in the Optimal Lineup Tool

Note that a bigger sample size increases the reliability of statistics, period. You should always put as much pertinent information or data as possible in one location.

For a spreadsheet, you can do this and acquire the data electronically from many sites.

The main thing here is to pay attention to the numbers. No matter what, this will help you make intelligent choices about whom to start with and how to sit. Here are some of the suggestions upon which to draw:

  • Vegas O/U, spread, and movement.
  • Offensive line VS defensive line advantage or disadvantage.
  • See who is the home team or away team.
  • You will need a rating for the players’ floor, average, and ceiling.
  • Projections are important. Do not forget that!
  • A player’s value is relative to their cost and projected points.
  • Fantasy points are allowed ranking.

Research in Snap Counts and Targets

Next to last is pattern analysis to improve accuracy. If you think you can score by only looking at the numbers, guess again.

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There is a flow of shifts from week to week in the NFL due to coaching, injuries, matchups, etc.

There are many recent weeks with data sets to choose from. The latest news and developments are as important as the previous week’s performances.

The MLB and NBA are much more distinct. The numbers are much more predictive and trustworthy when you try to grind out a 50/50 game.


Losses at a racetrack or casino do not deduct the tax bill by themselves. Until a loss deduction is available, you need to owe tax on winnings. Therefore, deducting your losses at best makes it possible to stop paying tax on your winnings.

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