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May 2019 » Earning Real Income from Fantasy...
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Andrew D. Gross, PhD, CPA, Jamie Hoelscher, PhD, CFE, CIA, Marc Ortegren, PhD, and William E. Maas, JD, CPA
According to the Fantasy Sports Trade Association (FSTA), fantasy sports is a $7 billion industry, with 59.3 million people in the United States and Canada playing fantasy sports (“Fantasy Sports Now a $7 Billion Industry,” press release, http://bit.ly/2LGdTkw). Such notoriety, however, comes with tax implications for winning players. The Tax Cuts and Jobs Act of 2017 (TCJA) offers some tax opportunities and pitfalls that fantasy players should understand. This article explores those opportunities and pitfalls, showing that the benefits and potential drawbacks depend on whether fantasy sports is classified as gambling or a hobby for the casual player who does not meet the criteria of a professional fantasy player.
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