Earnings from Fantasy Sports
You may think the video game industry isn’t taken that seriously. After all, playing with buddies from time to time is nothing that official, right? Well, the IRS doesn’t think the same way.
If you won $600 or more and played through a commercial Web site, you should receive a 1099-MISC reporting your earnings.
Even if you win a private fantasy league among friends, your winnings are taxable. Generally the rules for video game earnings are about the same as those for gambling.
