Even though it is ILLEGAL & against of terms of service to play for money on Runyourpool or Officefootballpool, you could potentially owe money to the IRS due to the new tax reporting rules.
Splash Sports, our real-money gaming platform in the same family of apps as RunYourPool and OfficeFootballPool, is licensed to run fantasy contests and games of skill, such as Survivor and PickX. Because entry collection and payouts are entirely automated, you not only save yourself the hassle of collecting payments and tracking things manually but also don’t have to worry about the 1099-K reporting requirements.
Each year, Splash Sports will automatically total your winnings, subtract deposits and losses, and issue you a 1099-MISC if you have profited $600 or more. Splash Sports does not issue a W2-G, as it does not offer any sports betting or other gambling.
Question: DOES THE 1099-K INCLUDE ALL ELECTRONIC PAYMENTS I RECEIVE, EVEN FROM FRIENDS?
Answer: Money received from a friend for a gift or reimbursement should not be included in a 1099-K form. Unfortunately, many electronic payment platforms still do not have a way to distinguish between non-taxable personal payments and taxable income or sales. All payments are still lumped together on the 1099-K, and it’s your responsibility to sift through the report and provide proof that certain payments should not count as taxable income.
REMEMBER: IT’S IMPORTANT TO STAY ON TOP OF TAX REPORTING REQUIREMENTS FOR ELECTRONIC PAYMENTS.
With the 1099-K reporting threshold decreasing, those managing prize pools or fantasy leagues need to be extra vigilant. The good news is that we’ve got a great solution: Splash Sports, our trusted platform within the RunYourPool family, ensures you’re covered when it comes to 1099-K requirements, so you can focus on having a great time while enjoying peace of mind in the face of changing tax requirements.
Check out Splash Sports today and stay ahead of the game!