Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? - page 2. (Read 1622 times)
June 07, 2020, 01:20:15 AM
It is in fact a responsible thing to do as a gambler to keep track of your plays in order to make sure that you can pay taxes well, but for me, as a small bettor or not a big-time gambler I can say, there's no need for me to do this as I am not earning too much. But the only reason I think when I should do the same thing is when I want to keep track of my losses, to discipline myself, and to learn more in gambling. Up until now, I am not aware of any cases regarding tax evasion through gambling with cryptocurrency. As what I know, I already utilize taxes when I use my local exchange through transactions and e-commerce.
June 05, 2020, 04:21:39 AM
So, i guess my question is that are you keeping a track of your wins and losses and for what purpose are you doing that?
THere's no reason for me to do that for the simple reason that there is no receipt that can prove that you won and you lose in a betting site and they will suspect you that you are manipulating your income here, so it's better not to include it in the filing, it's different if you won in a lottery, it's already taxable, no need to file it.
June 05, 2020, 03:34:45 AM
I wonder how many people here are really keeping their record in gambling? The OP should have made a poll regarding who is keeping a record of their gambling activities or not, so we know basically what is the percentage of those who are keeping a record. My guess is that it will be very small percentage.
I am not keeping any track of spreadsheets because i do not want to record my win or loss. I find it time wasting to record such things. This won't help you to recover your losses and also it won't help you to win more games. So why do the hassle of making the spreadsheets on wins/loses ?
June 05, 2020, 03:32:40 AM
I only tried it once of keeping a record or spreadsheet for my wins and losses in gambling, so I could track my money on how much I spend my money in gambling that everytime I make a bet I always record it in my phone, andd it only makes me realized that I really spend a lot of money in gambling and it is so disappointing. But I still gamble though for only entertainment and leisure time, but I can now control myself that I avoid spending too much money in gambling.
June 05, 2020, 03:09:52 AM
I wonder how many people here are really keeping their record in gambling?
I am, but I am not consistently doing it, and just for a selective type of game only, especially for sports betting. I list my bets and the outcome of the game and analyze based on the percentage result, it's actually easy to do it, it's not necessary to do it online like other gamblers do, just use an Microsoft excel app then you can make a record of your own.
However, for tax purposes, I don't think as a gambler I'm required to pay.
The OP should have made a poll regarding who is keeping a record of their gambling activities or not, so we know basically what is the percentage of those who are keeping a record. My guess is that it will be very small percentage.
Agree with that, but I'm guessing in advance majority of gamblers are not making a spreadsheet.
June 05, 2020, 01:24:31 AM
I wonder how many people here are really keeping their record in gambling? The OP should have made a poll regarding who is keeping a record of their gambling activities or not, so we know basically what is the percentage of those who are keeping a record. My guess is that it will be very small percentage.
June 05, 2020, 12:48:03 AM
Some states made games like lotteries as illegal but other than that online betting platforms are still legal there and even many sports events in India is sponsored by those service providers.
See there are loopholes in every system and they exploit those to cover up their business. If you have the urge to gamble then dont worry, you will also find a place to gamble. Take for example the Delta group who runs a monopoly business there with their offshore casino ship in Goa. The rules say "no land-based casino" - so they used it as a loophole and built a casino on water. Search for it and you will find to too.tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
One of the reason why bitcoin is used is for them to evade the taxes, like it or not. But governments earn from taxation so you have to comply or face consequences in many countries. Bitcoin is still a grey area and so they are likely not getting enforced. But best to keep a track so that in case it becomes taxable you can back up yourself.
May 19, 2020, 06:39:54 AM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
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.tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
I have been gambling since i was young but never imagine recording my money for gambling .
The first thing we do is understanding the tax law relating to gambling, every country there's a different law on gambling and in my country the law on gambling is not define, and therefore most people are not paying their tax when they win. Also, I am just a gambler who gamble on sites that is operating within my country and I think the closest that would pay their taxes are those who are constantly gambling in a physical casino.
May 19, 2020, 12:49:52 AM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
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.tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
I have been gambling since i was young but never imagine recording my money for gambling .
May 19, 2020, 12:37:06 AM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
We have similarities in terms of tax rules, in my country there is no need for each individual, we do not have that much tax for gambling but I guess in every country, once you start getting money and you are not declaring it then the tax bureau in my country will raise some eyebrows in your direction. In my opinion, you don't have to keep a spreadsheet for that, I think there should be some kind of exemption present in your country. Do not worry about that as long as you are not getting your money from illegal activities, unless gambling and cryptocurrency in your country is illegal then you might have a problem at hand. tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
May 18, 2020, 01:29:06 AM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
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. tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
May 17, 2020, 04:58:36 PM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
Same situation here on my country on where they arent that strict when it comes to tax as long it would really be out on their borded.Usually the ones who get taxed tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
are those businesses out there, government employees and all sorts but when it comes to gambling industry matter then they dont care that much.
Come to think that even national lottery is tax-free.So the answer in regards about keeping some spreadsheet for wins and losses isnt part of my routine.
May 17, 2020, 04:54:20 PM
I did not do this, because my country does not have strict tax rules
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient
May 17, 2020, 04:14:53 PM
Here in India, online gambling is illegal and no gambling sites are operating from here. So I can't show the returns from gambling in my tax returns. So what I normally do is to show any gains as gift from abroad, or revenue from software sales. But that said, most of the time I don't have to show anything (because in an average year, my gains are lower than my losses 
).
Are you sure that gambling in India is prohibited?). Some states made games like lotteries as illegal but other than that online betting platforms are still legal there and even many sports events in India is sponsored by those service providers.
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May 17, 2020, 11:15:40 AM
Here in India, online gambling is illegal and no gambling sites are operating from here. So I can't show the returns from gambling in my tax returns. So what I normally do is to show any gains as gift from abroad, or revenue from software sales. But that said, most of the time I don't have to show anything (because in an average year, my gains are lower than my losses ).
). As long as you don't claim to have crypto to your government, I guess they will not be suspicious with your account
Usually, they will check our bank account to find out about each transaction that we made so they can ask or investigate where the money comes. So if you don't make a strange transaction that can make them curious, you will be fine
May 17, 2020, 08:00:08 AM
Here in India, online gambling is illegal and no gambling sites are operating from here. So I can't show the returns from gambling in my tax returns. So what I normally do is to show any gains as gift from abroad, or revenue from software sales. But that said, most of the time I don't have to show anything (because in an average year, my gains are lower than my losses ).
). May 16, 2020, 12:47:06 AM
I haven't think of doing it since today. Well, even knowing that I might have a problem with documenting on banks the details if ever that I have a huge winning, it won't change the fact that the bank will probably freeze my money even if I have documents stating of where I got the money because when it comes to gambling, banks in our country will surely give you trouble.
Banks need customers you know. If you think the banks dont know what you are doing with the money then you are mistake, they already know, but then you still fall into any trouble. The reason is that banks know that gamblers are also good customers for them. They will need loans from time to time. Deposit some big wins if they are wise enough and so on.Hence lending organizations keep close contact with gamblers as you can understand one needs the other to survive. Tax purposed may be a different issue here since that is pertaining to the government and its link with users money. If bitcoin becomes illegal then you are at risk of using it, though most countries are not doing any such thing yet.
May 06, 2020, 08:22:07 AM
I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.
Since bitcoin and crypto money is not legal (or illegal) in my country,
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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.
If you will convert it into fiat and you still don't win, you don't have to pay taxes on it, I am not sure if the government could really go after you even if you will not declare your winning as we are gambling in different sites that could be operating outside your country, I'm referring to crypto gambling sites of course.
May 06, 2020, 08:03:07 AM
I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.
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.
May 06, 2020, 07:36:38 AM
i do not keep a spreadsheet with wins and losses, think that it is not required in my country
although, i know that i do not have surplus in my gambling, usually just losses in bets made for fun
although, i know that i do not have surplus in my gambling, usually just losses in bets made for fun
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