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Question
Can I deduct my entry fees in Draftkings daily fantasy contests in my taxes?
AI accountant’s answer:
Yes, you can deduct your entry fees in Draftkings daily fantasy contests, but there's a catch. These are considered gambling losses and can only be deducted to the extent of your gambling winnings. So, if you win any money from Draftkings, you can deduct your entry fees against those winnings. But remember, you can't deduct more in losses than you've won. Also, these deductions are usually itemized, so if you're taking the standard deduction, you won't be able to claim this.
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