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Do I Have to Pay Taxes on Underdog Fantasy?

Yes, you generally have to pay taxes on winnings from Underdog Fantasy. The IRS considers all gambling winnings, including those from fantasy sports and daily fantasy sports platforms, as taxable income. While Underdog Fantasy, like other platforms, is required to report your winnings to the IRS and issue you a Form W-2G if your net winnings are $600 or more in a calendar year and at least 300 times the amount of your wager, it's crucial to understand that all winnings are technically taxable, regardless of whether you receive this form. It is your responsibility to accurately report all taxable income on your federal income tax return. You can deduct gambling losses, but only up to the amount of your winnings, and only if you itemize deductions.

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