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[BabuDEVUDU]

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[TruthTruth]

Club will be reporting your winnings to IRS. They will give you W2 for winnings. If they are giving W2 then they are informing your winnings to irs 

[NeneRajuNeneManthri]

dorakanantha varaku dora.. dorikithe donga. if you want to risk your future for some money, your call.

[usetime63]

Did you report loss last year ? 

If not report the loss and this gain.I would say report it as you might get audit 5 yrs from now and have to pay apr on it also. 

[sattipandu007]

3 hours ago, BabuDEVUDU said:

Hello DB manahubhavulu,

I've been playing NLM Poker in a club which is hosted on one of the poker apps such as PokerBros, Pppoker, Pokerrrr2 etc. In the year 2021 I've made winnings around 50k (+ or - 10k as I don't keep accurate track of the winnings or losses). The payouts are generally done through PayPal, Venmo & Cashapp on every Monday(Once a week). Is there a way IRS would find out about this? I mean if ever I had to face an audit, they will definitely look at my transactions that are of size ~4k every week to/from various other accounts on PayPal, Venmo, Cashapp. But do you think I can state these amounts as the money I borrowed to help my parents back in India? I want to evade the taxes if possible as I lost big (>50k) last year while learning poker. So I really don't wanna pay taxes for the money I barely recovered if the losses from previous year are taken into consideration. Until now I never had to transfer amounts from any of these apps to my personal bank accounts, but now I need to send money to India due to personal family issues. My bank accounts are linked on PayPal and Venmo. Please help me by posting your valuable insights. Any genuine comments are highly appreciated.

Ps: To the ones who try to just show their wit by making funny unproductive comments. "dengeyndi bey e thread la nunchi"

Poker adevadivi mammalni adigite ela, irs can find out in audit. So risk taking or not is up to you. And always be truthful when caught as you will only make it worse by lying to feds. 

[nokia123]

4 hours ago, BabuDEVUDU said:

Hello DB manahubhavulu,

I've been playing NLM Poker in a club which is hosted on one of the poker apps such as PokerBros, Pppoker, Pokerrrr2 etc. In the year 2021 I've made winnings around 50k (+ or - 10k as I don't keep accurate track of the winnings or losses). The payouts are generally done through PayPal, Venmo & Cashapp on every Monday(Once a week). Is there a way IRS would find out about this? I mean if ever I had to face an audit, they will definitely look at my transactions that are of size ~4k every week to/from various other accounts on PayPal, Venmo, Cashapp. But do you think I can state these amounts as the money I borrowed to help my parents back in India? I want to evade the taxes if possible as I lost big (>50k) last year while learning poker. So I really don't wanna pay taxes for the money I barely recovered if the losses from previous year are taken into consideration. Until now I never had to transfer amounts from any of these apps to my personal bank accounts, but now I need to send money to India due to personal family issues. My bank accounts are linked on PayPal and Venmo. Please help me by posting your valuable insights. Any genuine comments are highly appreciated.

Ps: To the ones who try to just show their wit by making funny unproductive comments. "dengeyndi bey e thread la nunchi"

Poker club lo aadu…IRS tho kadhu

[DummyVariable]

Unless they give it to you by cash, report everything. Asian businesses use casinos to make the cash legit. Any extended audit about your recorded transactions will get you in trouble.

[Vaampire]

Last year losses ni report chesava?

report both last year loss and this yr profit. Balance ayipothadi kada.