Do you keep a spreadsheet for you wins and losses for tax purposes?

batang_bitcoin

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Quote from: finaleshot2016 on June 12, 2020, 05:56:36 PM

Quote from: batang_bitcoin on June 12, 2020, 08:55:27 AM

Yes, we knew about tax obligations. Anything that you earn online or offline, if you are certain with it then you should file that voluntarily and declare your income. I disagree about not paying even if the taxing method in country isn't strict.
As you have said, everyone has to pay regardless of being wide or not.

Even if the taxing method is not strict, it does not mean that we should take advantage of it so that we can save a lot of money. When a crisis like this current pandemic comes, it will definitely be a matter of concern, and the tax that has not been paid from the beginning will be brought to you. Taxation is a good way to elevate your country's economic status, and it's a shame if someone benefits from improving society but does not pay taxes.

It's why I disagree to him to take advantage of having not strict rules with taxation. Payment of tax should be practiced and it's your own will that should be pushing you to follow. There's always a good cause where our taxes go, I don't want to think like the others that are thinking of bad distribution of tax. We have no idea on that but regards to taxation through gambling, you have to do it even without supervision or pursuance by the local government.

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Quote from: finaleshot2016 on June 12, 2020, 05:56:36 PM

Quote from: batang_bitcoin on June 12, 2020, 08:55:27 AM

Quote from: Kasabus on June 12, 2020, 08:04:08 AM

Quote from: batang_bitcoin on June 12, 2020, 07:00:40 AM

Quote from: Renampun on June 12, 2020, 06:51:39 AM

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Tax is a responsibility, everyone has to pay, otherwise we will face the consequences of violating the laws, and I think only in big countries where the government are so strict with that since in my country, I never heard or read anyone filing a tax for their income from gambling. Therefore, if the taxation law in your country is not that strict, there's no need for you to pay taxes.

Yes, we knew about tax obligations. Anything that you earn online or offline, if you are certain with it then you should file that voluntarily and declare your income. I disagree about not paying even if the taxing method in country isn't strict.
As you have said, everyone has to pay regardless of being wide or not.

Even if the taxing method is not strict, it does not mean that we should take advantage of it so that we can save a lot of money. When a crisis like this current pandemic comes, it will definitely be a matter of concern, and the tax that has not been paid from the beginning will be brought to you. Taxation is a good way to elevate your country's economic status, and it's a shame if someone benefits from improving society but does not pay taxes.

But this case is related to gambling which I don't think there is a steady income in gambling unless he is a casino developer or owner then obviously, taxes are very much mandatory for him. Some gamblers only gamble with a little money and even many of the gamblers use a lot of money just to have fun with it, there is no fixed income from a gambler and I think those who are taxpayers are those who have fixed income, in contrast to gambling that is basically not a source of income because gambling is about fun.

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Quote from: batang_bitcoin on June 12, 2020, 08:55:27 AM

Quote from: Kasabus on June 12, 2020, 08:04:08 AM

Quote from: batang_bitcoin on June 12, 2020, 07:00:40 AM

Quote from: Renampun on June 12, 2020, 06:51:39 AM

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Tax is a responsibility, everyone has to pay, otherwise we will face the consequences of violating the laws, and I think only in big countries where the government are so strict with that since in my country, I never heard or read anyone filing a tax for their income from gambling. Therefore, if the taxation law in your country is not that strict, there's no need for you to pay taxes.

Yes, we knew about tax obligations. Anything that you earn online or offline, if you are certain with it then you should file that voluntarily and declare your income. I disagree about not paying even if the taxing method in country isn't strict.
As you have said, everyone has to pay regardless of being wide or not.

Even if the taxing method is not strict, it does not mean that we should take advantage of it so that we can save a lot of money. When a crisis like this current pandemic comes, it will definitely be a matter of concern, and the tax that has not been paid from the beginning will be brought to you. Taxation is a good way to elevate your country's economic status, and it's a shame if someone benefits from improving society but does not pay taxes.

batang_bitcoin

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Quote from: Kasabus on June 12, 2020, 08:04:08 AM

Quote from: batang_bitcoin on June 12, 2020, 07:00:40 AM

Quote from: Renampun on June 12, 2020, 06:51:39 AM

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Tax is a responsibility, everyone has to pay, otherwise we will face the consequences of violating the laws, and I think only in big countries where the government are so strict with that since in my country, I never heard or read anyone filing a tax for their income from gambling. Therefore, if the taxation law in your country is not that strict, there's no need for you to pay taxes.

Yes, we knew about tax obligations. Anything that you earn online or offline, if you are certain with it then you should file that voluntarily and declare your income. I disagree about not paying even if the taxing method in country isn't strict.
As you have said, everyone has to pay regardless of being wide or not.

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Quote from: batang_bitcoin on June 12, 2020, 07:00:40 AM

Quote from: Renampun on June 12, 2020, 06:51:39 AM

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Tax is a responsibility, everyone has to pay, otherwise we will face the consequences of violating the laws, and I think only in big countries where the government are so strict with that since in my country, I never heard or read anyone filing a tax for their income from gambling. Therefore, if the taxation law in your country is not that strict, there's no need for you to pay taxes.

batang_bitcoin

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Quote from: Renampun on June 12, 2020, 06:51:39 AM

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Renampun

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I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

Mauser

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Quote from: kawetsriyanto on June 11, 2020, 05:47:42 PM

Never did this way. I gamble for fun and not seriously for money. I assume that people who record their wins and losses on a spreadsheet, totally gamble for money only. In this way, someone will count regularly how much he spent money and how much earned money. It is too serious for me, and will be useless even I know to have more losses than profits. I am aware that I never expect to earn regular money from gambling because it is almost impossible. So, I don't care about how much money I spent. You know, making a list of losses in a spreadsheet will actually stress us out! Cheesy

I think it also depends on the country you live in. While you might need to tax any large winnings you receive, it's also just Bitcoins you win and maybe keep. For me personally, I would only record a profit when I actually sell my bitcoins and realize any gains. For as along as I am just holding my bitcoins I would not pay taxes as the prices can always fall again. So if there is actually more money in my bank account I would add it to my tax slip.

As an investor I also keep track of my money invested and current price levels. For gambling I just do a rough estimate monthly on how much money I spent. Micro managing your winnings and losses in gambling kind of takes the fun away.

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Quote from: kawetsriyanto on June 11, 2020, 05:47:42 PM

Never did this way. I gamble for fun and not seriously for money. I assume that people who record their wins and losses on a spreadsheet, totally gamble for money only. In this way, someone will count regularly how much he spent money and how much earned money. It is too serious for me, and will be useless even I know to have more losses than profits. I am aware that I never expect to earn regular money from gambling because it is almost impossible. So, I don't care about how much money I spent. You know, making a list of losses in a spreadsheet will actually stress us out! Cheesy

but some do that and some of them succeed right?
as with any trading or job that takes too much risk, there are some people who keep doing it and making it a source of income.
so I guess it doesn't hurt as long as they do it right. Cheesy

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Quote from: kawetsriyanto on June 11, 2020, 05:47:42 PM

Never did this way. I gamble for fun and not seriously for money. I assume that people who record their wins and losses on a spreadsheet, totally gamble for money only. In this way, someone will count regularly how much he spent money and how much earned money. It is too serious for me, and will be useless even I know to have more losses than profits. I am aware that I never expect to earn regular money from gambling because it is almost impossible. So, I don't care about how much money I spent. You know, making a list of losses in a spreadsheet will actually stress us out! Cheesy

Same, the winnings and losses do not matter to me as long as I'm having fun and being entertained with my friends. Keeping a spreadsheet or tracking your gambling history will just stress you out for knowing that you've spent a lot for nothing. Gambling isn't a good way to earn a lot of money if they want to have a lot of it, then they should practice and find a decent job.

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Never did this way. I gamble for fun and not seriously for money. I assume that people who record their wins and losses on a spreadsheet, totally gamble for money only. In this way, someone will count regularly how much he spent money and how much earned money. It is too serious for me, and will be useless even I know to have more losses than profits. I am aware that I never expect to earn regular money from gambling because it is almost impossible. So, I don't care about how much money I spent. You know, making a list of losses in a spreadsheet will actually stress us out! Cheesy

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Quote from: pilosopotasyo on June 08, 2020, 08:46:36 AM

I cannot and will not be able to keep up with recording all my losses and winnings and I don't want to remember how much I lose in a given date and besides you don't want the tax revenue clerk to think that you are making money from gambling that is why you included it, it's better to do away with it, you are safe than including it.

Taxing does not matter to you if you regularly pay taxes.
In addition, the tax authorities will find out about your records unless you yourself show them to them.

Making profit and loss is always useful, if not in gambling then in ordinary life.
This is just a tool to keep things in control. If it hurts you to see the loss figures, then you probably may have some addiction problems because you are too emotional about losing, and meaning winning can be critical to you.

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I cannot and will not be able to keep up with recording all my losses and winnings and I don't want to remember how much I lose in a given date and besides you don't want the tax revenue clerk to think that you are making money from gambling that is why you included it, it's better to do away with it, you are safe than including it.

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At the early time of the gambling, I just wage and make a lot of earning, of course, there are some losses on it but most of these do not have a record I just know is if I make an investment on gambling then I wage and at the end of the day and gambling is there is a change on my balance like if I gained profit or loss some funds but it is not good and appropriate I realize than I just need to have a spreadsheet to monitor how much earning I get every time I gamble.

For my new start into the world of gambling with the use of the spreadsheet, it's easier for me to identify how much money enter on my balance every game is listed and every time frame because it is easier to have concrete details of your information at the end of the day I saw that I earned a profit on my total income which is good but not all the time I win my games with the help of the spreadsheet it's gives me a detail that I already loss of almost a hundred dollars because of that now I made a note on my spreadsheet and after I analyze what's the problem why I lose I make a conclusion on it so it cannot do the same mistake again.

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Quote from: michellee on June 07, 2020, 08:24:59 PM

Quote from: btc78 on May 19, 2020, 12:49:52 AM

Quote from: michellee on May 18, 2020, 01:29:06 AM

If that is the case, I think we don't have to gamble because we should report the spreadsheet for the tax to the government. Or we can use crypto gambling online to playing gambling, and we don't withdraw for some time the win money, and we could withdraw by the help of someone who will send the money to our bank account. People will find a way to hide their money to avoid the tax.

Lol even Bigtime gamblers don’t do such thing (not unless maybe those businessmen where they need to have record for their own managing) but I believe that gamblers usually deny to learn how much they lose instead loving their winning amount.
I have been gambling since i was young but never imagine recording my money for gambling .

If they are businessmen, they must report their tax to the government. But I don't know if they gamble, they need to report it to the government too or not. I think they will hide their activity on gambling because maybe they don't want to add more taxes to their report lol. I am playing crypto gambling but I don't report my money for gambling too Grin

We are all required to report to our income to the government, whether we are businessman or not.
Tax laws are almost similar in terms of implementation in any country, so it's a basic rule that we play income tax for our income.

the only difference is some countries are good with their monitoring, while the other are lax.

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Quote from: btc78 on May 19, 2020, 12:49:52 AM

Quote from: michellee on May 18, 2020, 01:29:06 AM

If that is the case, I think we don't have to gamble because we should report the spreadsheet for the tax to the government. Or we can use crypto gambling online to playing gambling, and we don't withdraw for some time the win money, and we could withdraw by the help of someone who will send the money to our bank account. People will find a way to hide their money to avoid the tax.

Lol even Bigtime gamblers don’t do such thing (not unless maybe those businessmen where they need to have record for their own managing) but I believe that gamblers usually deny to learn how much they lose instead loving their winning amount.
I have been gambling since i was young but never imagine recording my money for gambling .

If they are businessmen, they must report their tax to the government. But I don't know if they gamble, they need to report it to the government too or not. I think they will hide their activity on gambling because maybe they don't want to add more taxes to their report lol. I am playing crypto gambling but I don't report my money for gambling too Grin

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Well, that will depend on the place where I live. If my government force you to declare you're earning to pay tax. It would be better to follow them and not abide by rules. I did not experience this but sometimes there are gamblers than willing to spend their precious time just record everything about the result that they'd lose or perhaps win. Indeed, different people have a different perception on how they handle the way they spend money and for the purpose of gambling also.

Indeed, we have nothing to do if they are willing to spend time for staking their personal gambling records.

fiulpro

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I am pretty sure , you might or might not keep it but The government would sure do.
If it is legal for you to do Gambling in your country you do need to be very careful of what and where you are doing it and at the same time avoid the sites which asks for KYC. I have seen a couple here on the forum.

I do think every Gambler should Gamble in Bitcoins since this would mean you won't have to pay taxes for some countries.

But unfortunately ok the other hand there are countries asking for as high as 10-20% . If you win something then you have to pay them WHEN THEY ACTUALLY DID NOTHING but create problems for cryptocurrencies. Nor do they support it in most countries .

As a responsible citizen one should try and keep a spreadsheet and but I don't think one should pay taxes regarding winning things in cryptocurrencies since, it is not something which government is technically supporting or even using.

But being a responsible citizen who does not want to have problems one should always keep .

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Quote from: smyslov on June 07, 2020, 05:01:20 AM

Quote from: MFahad on May 06, 2020, 08:03:07 AM

Since bitcoin and crypto money is not legal (or illegal) in my country, so no one declares how much crypto they have and hence no taxes on crypto. However if i convert my crypto into fiat, then ofcourse i have to pay tax on that fiat money. For this reason there is no need for me to create spreadsheets to calculate how much i earn from gambling.

Our National Tax Collection agency has no announcement about Cryptocurrency taxes even though Cryptocurrency has fast becoming very popular here in our country, they are taxing establishment and exchanges not individual, maybe in the future we will be taxed bit right now we enjoy our tax free profit from Cryptocurrency.

The government does not regulate crypto right away, they will first check the market and when they see that the popularity is already growing, that is the time that they will start to tackle and make regulation to it, I like to think that crypto in your country has not gained many users yet but expect if your government are not against crypto, sooner regulation will happen, and that means we have to report even our gambling transactions.

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Quote from: MFahad on May 06, 2020, 08:03:07 AM

Since bitcoin and crypto money is not legal (or illegal) in my country, so no one declares how much crypto they have and hence no taxes on crypto. However if i convert my crypto into fiat, then ofcourse i have to pay tax on that fiat money. For this reason there is no need for me to create spreadsheets to calculate how much i earn from gambling.

Our National Tax Collection agency has no announcement about Cryptocurrency taxes even though Cryptocurrency has fast becoming very popular here in our country, they are taxing establishment and exchanges not individual, maybe in the future we will be taxed bit right now we enjoy our tax free profit from Cryptocurrency.

Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? (Read 1622 times)