Online home game best way to avoid tax issues? (1 Viewer)

xdukeluvax

Two Pair
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So a few of our regulars have moved away and we are considering doing our homes game just online on clubGG but i worry about collecting digital money every week from everyone and what that could result in the eyes of the IRS. How do i avoid any issues? I currently use venmo
 
The most obvious solution is settling post game and have losers send to winners, but we’ve seen what that could lead to, most recently in @Rhodeman77 ’s thread, so I would only do it with well established players/friends AND if the stakes are relatively small.
 
Cash......this is why people do not want digital currency with taxation run-amok these days.

I could care less if someone misses out on playing, cash only or other non directly traceable means of wagering. Players demanding digital borrowing/banking at the risk of the hosts tax liability is rather much in my opinion. All they have to do is stop at a bank machine....I live in a town with several banks, I see no excuse at all to not use cash. If safety is the issue, have everyone give you $ in advance and paid the next day with receipts. Otherwise I'd suggest charging a "fee"for use of the washroom for example that will offset your additional taxes....like 35%, just in case.
 
Our online group rotates who is the banker each game so that one person isn’t receiving so many payments every day. It is a low stakes game with close friends that has been running since Covid without any issues.
 
Our online group rotates who is the banker each game so that one person isn’t receiving so many payments every day. It is a low stakes game with close friends that has been running since Covid without any issues.
That might be the play…. Having guys who live all over town somehow do cash just doesnt seem doable
 
Our online group rotates who is the banker each game so that one person isn’t receiving so many payments every day. It is a low stakes game with close friends that has been running since Covid without any issues.
Have to say this seems like the best solution.
 
I played in a group where we used pokernow. Let the website keep track of the win/loss. The next day, the biggest winner share his venmo QR code and a screenshot of the final ledger in the group chat. Losers pay him and the other winners request payment.

I didn't know everyone in the group irl, but I never experienced any payment issues. If anyone was slow to pay, they get needled in the group chat and it's quickly resolved. Never heard of anyone getting stiffed.
 
Cash......this is why people do not want digital currency with taxation run-amok these days.

I could care less if someone misses out on playing, cash only or other non directly traceable means of wagering. Players demanding digital borrowing/banking at the risk of the hosts tax liability is rather much in my opinion. All they have to do is stop at a bank machine....I live in a town with several banks, I see no excuse at all to not use cash. If safety is the issue, have everyone give you $ in advance and paid the next day with receipts. Otherwise I'd suggest charging a "fee"for use of the washroom for example that will offset your additional taxes....like 35%, just in case.
You could or couldn't care less?
 

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