Taxes on Sporttrade – Sporttrade

Taxes and Reporting on Sporttrade

Sporttrade customers are responsible for reporting their gambling and trading activity in accordance with federal and state tax laws.
Below is an overview of how Sporttrade provides information to assist you with tax reporting.

Win/Loss Statement

At the end of each calendar year, you can request a Win/Loss Statement summarizing your total profit and loss across all markets.

How to Request:

Contact Sporttrade Support at support@getsporttrade.com after January.
Include your full name and registered email address when making the request.
Statements are typically available by January 31 for the prior tax year.

What’s Included:

Your total trading profit and loss for the year.
Any exchange commissions paid.
Activity across all markets traded during the tax year.

Reporting Your Taxes

Sporttrade does not withhold federal or state taxes from your account.
You are responsible for reporting your income and any applicable taxes to the IRS and your state tax authority.
For questions about your individual tax obligations, please consult a licensed tax professional.

Frequently Asked Questions

Q: Will I automatically receive a Win/Loss Statement?
A: No. Win/Loss Statements are issued upon request. Contact Support after January 1 to obtain yours.

Q: How do I know if I’ll receive a 1099 or W-2G?
A: Sporttrade automatically issues the appropriate form if your account activity meets IRS reporting criteria.

Q: Does Sporttrade withhold taxes from my winnings?
A: No. Sporttrade does not withhold taxes; you are responsible for reporting and paying any applicable taxes.

Need Assistance?

If you need help requesting your Win/Loss Statement or have questions about your 1099 or W-2G, contact Support at support@getsporttrade.com.

Please note that Sporttrade cannot provide tax advice or determine your personal tax liability.