Do you keep a spreadsheet for you wins and losses for tax purposes? - page 4.

South Park

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Quote from: tippytoes on March 05, 2020, 08:37:57 PM

Keeping spreadsheet of your winnings or losses will give you a headache because you will see that you will have more losses than winnings. Grin

I am more than positive, very few gamblers are doing this task as it will add more stress to them but if you really want to see where you spent your money, this is a good one to track your expenses especially in gambling. Maybe if you see the real picture of your gambling habit, it would be easy for you to change your lifestyle.

Most casinos offer the possibility to see the history of your account so you can see how much you have lost without using the spreadsheet, however I think making use of the spreadsheet is a good exercise that will allow you to have a clearer picture of your finances and how they are affected by your gambling activities, in most of the cases even with the losses your finances will be fine but if that is not the case then you have found something that must be corrected immediately.

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If I had to pay taxes for my gambling income I would have but there is 2 lethal points that causes me to not pay at all.
One : It is against the law to gamble online in my nation, so there is absolutely no way I can pay taxes on that, I mainly gamble on crypto so that nobody knows I am gambling, I rather not let the government know about it let alone pay them about it. That is the big real reason, the second reason is not that important.

Second reason is : I do not win all that much when I am gambling and in the long run I do lose money so it is not really all that much of a thing for me to pay taxes since you do not pay taxes when you lose money. Maybe I do win time to time but I reuse that amount to keep gambling so I end up with never withdrawing and only depositing.

peter0425

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I should have done this years ago before i totally become addicted,but lucky even that i did not make spreadsheet still i managed to escape the call of addiction and make my way to changes.
now i am happy playing small bets and just feeling the excitement of gaming.

Quote from: Russlenat on March 06, 2020, 02:30:45 AM

Personally I don't think of taxes when I am gambling because I am not paying taxes in any way.
Gambling in our country is pretty much prohibited, that's why I use crypto gambling to evade that prohibition, so there is no need for monitoring to pay taxes. I have spreadsheet, yes, but that is only for the purpose of analyzing my bets, and to determine if I am still effective as a gambler.

well we are lucky that in Our country there are no taxes needed in gambling but in other parts of the world there is and not small but Big part of their winnings are going to taxes.

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Quote from: Debonaire217 on March 09, 2020, 12:10:44 AM

Keeping a spreadsheet for tax purposes might vary depending on which country you are in, in my case, I am in the Philippines and we have a certain range of income wherein, that is the only time you should pay taxes based on your income.

I am from the Philippines as well, and yes you are right there is a bracket on income tax but you don't need to pay taxes for your gambling income because gambling is illegal in the Philippines, you don't want to get caught, don't you?

onrise

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Quote from: Ucy on March 06, 2020, 04:33:49 AM

If this happens to typical gambling, I don't see why it won't be tried on cryptocurrency trading Does this happen in real life in countries? I guess you only get receipts for big purchases (especially where I live). Besides, the small purchase are normally taxed indirectly.
I prefer the indirect tax, by the way. I don't think it's a good idea to keep track in such way of things we purchase in both physical and online worlds. It should be based on choices.

It’s a good thing to keep a track of amount spend and earned from you gambling beacuse at times this can help you to know in a year how you being doing . Unless if you play occasionally for fun then it would differ else for those who are into full time or addicted to it this spreadsheet may act as an eye opener for them when they realise how much they have being losing the actual money or otherwise .

Debonaire217

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Keeping a spreadsheet for tax purposes might vary depending on which country you are in, in my case, I am in the Philippines and we have a certain range of income wherein, that is the only time you should pay taxes based on your income. So with that regard, it isn't necessary for me to create and keep a spreadsheet since I am not betting that much amount and not winning big amount as well. What I am just doing is to screen capture whenever I receive a decent amount of funds from gambling just to share with my colleagues. Though, I think having a personal spreadsheet without considering the taxes we need to pay is still essential to keep track of our gambling activity, thus, make sure that we are still not breaking our limits in gambling.

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Quote from: JoMarrah Iarim Dan on March 06, 2020, 08:44:49 AM

Quote

I was thinking that i need to start to keep a journal/spreadsheet on my wins and losses soon. I've been stalling and avoiding it because i might not like what i see, i don't even know if i am on the plus side anymore. I am not sure how crypto gambling taxes go in here but i thought that it wouldn't hurt to have a record of my transactions in it while i am studying it.

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?

I have a friend who is active in gambling. As far as I know, he is not tracking his wins and losses. No journals, no spreadsheets. He just go with the flow of his wins and losses. He don't often win but if he win, I say he almost or he gets back all of his losses. In the long run, that journal that have made may tell you either how much money you lose, how much money you won or if you just get back all the money you used.

Sometimes, when we have that journal can make us sad to know the amount of the money that we've already used to playing gambling. But good for your friend, and I think he won't feel that so he can still playing gambling without knowing about the result. Some people make a journal of his activity in gambling, but some other is not make that journal. The journal itself will help us to monitor the money, and if we think that we should reduce the money we used, that will help us to manage the money itself.

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Quote from: tippytoes on March 05, 2020, 08:37:57 PM

Quote from: tabas on March 05, 2020, 04:09:20 PM

Quote from: Wintersoldier on March 05, 2020, 11:24:21 AM

I never think keeping a spreadsheet just to record all of my losses and winnings in gambling because it won't really change my mind and have regrets because of it. I really just wanted to gamble for entertainment or for leisure time, and i always separate all of my tax bills and other things before i gamble, so i don't worry nothing even i lose.

I never thought of it too. I'm not conservative with my losses and if I win, I just celebrate it alone and not listing it to any spreadsheet or even a blank notepad.
The losses that I'm making as I gamble, don't matter to me and it's not needed to be recorded so there's no actual record that I must do.

Keeping spreadsheet of your winnings or losses will give you a headache because you will see that you will have more losses than winnings. Grin

I am more than positive, very few gamblers are doing this task as it will add more stress to them but if you really want to see where you spent your money, this is a good one to track your expenses especially in gambling. Maybe if you see the real picture of your gambling habit, it would be easy for you to change your lifestyle.

It's the actual feeling if you have more losses which we certainly do have.
Everyone has the experience that the loss is more than our winnings. It's the dominated result for everyone so if you want to track yourself from the bottom to another bottom or a success, you have all the means to do it or not.

JoMarrah Iarim Dan

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Quote

I was thinking that i need to start to keep a journal/spreadsheet on my wins and losses soon. I've been stalling and avoiding it because i might not like what i see, i don't even know if i am on the plus side anymore. I am not sure how crypto gambling taxes go in here but i thought that it wouldn't hurt to have a record of my transactions in it while i am studying it.

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?

I have a friend who is active in gambling. As far as I know, he is not tracking his wins and losses. No journals, no spreadsheets. He just go with the flow of his wins and losses. He don't often win but if he win, I say he almost or he gets back all of his losses. In the long run, that journal that have made may tell you either how much money you lose, how much money you won or if you just get back all the money you used.

Rosilito

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Sometimes if I knew I'l be taking a lot of time gambling to keep track at least in my bet or if I even gain from such time. I gamble but not as usual as other gambles out there that's why I don't really rely much on spreadsheet, records and etc 'cause in my side it is just a reminder depending on a total time I'll spend playing. May be those who use spreadsheet, is a big time gambler who happen to have a big fund, and big bet on the line that's why they can't keep up using a mere mind, memorization. Or may be people who are totally into gambling.

Ucy

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If this happens to typical gambling, I don't see why it won't be tried on cryptocurrency trading Does this happen in real life in countries? I guess you only get receipts for big purchases (especially where I live). Besides, the small purchase are normally taxed indirectly.
I prefer the indirect tax, by the way. I don't think it's a good idea to keep track in such way of things we purchase in both physical and online worlds. It should be based on choices.

Russlenat

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Personally I don't think of taxes when I am gambling because I am not paying taxes in any way.
Gambling in our country is pretty much prohibited, that's why I use crypto gambling to evade that prohibition, so there is no need for monitoring to pay taxes. I have spreadsheet, yes, but that is only for the purpose of analyzing my bets, and to determine if I am still effective as a gambler.

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Quote from: o48o on February 23, 2020, 02:08:31 PM

While ago it just hit me when i won more then usual that in the future if bitcoin goes parabolic, these wins in btc can be huge and i have to tell my banker where i got the money from and i guess i have to keep how much i spend it to make it for tax purposes too.

That's a bad idea since you cannot sustain winning in gambling I have never included my gambling winning or activity to my tax report but it's a different story if you are a gambling operator, but if you are a player you should never do that, treat gambling as a form of entertainment and not a cash cow or else it will ruin you.

i think depend in which country you live mate?because i believe that in some places taxation from gambling wins are required though it is not in mine specially for Online activities.

but yeah including our fun activities with luck for taxing is not necessary unless you won a really Big amount that will be questionable if ever someone finds out.

and also if time comes there is a winning big?let us try not to seek for another bigger instead lets take this as a very lucky day of our live to be treasured and not to break even more.

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Quote from: carriebee on March 04, 2020, 05:30:27 AM

Definitely no, it will reminds me of how much I lose when I'm into gambling. It does not comes in my mind to create record to track all of my wins and losses even for tax purposes. Well, we have different behavior when it comes to gambling. Some being cautious every detail must be recorded.

You are right. When we keep that spreadsheet and look at that spreadsheets, that can make us become sad to see how much money we already lost in gambling games. Besides that, if we see the number of losses that we made before, that can make us feel I will try to get the money I've lost back, but the fact is we will hard to do that. But I don't know if some countries will need spreadsheets from gambling for tax purposes because the regulations for every country will be different.

tippytoes

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Quote from: tabas on March 05, 2020, 04:09:20 PM

Quote from: Wintersoldier on March 05, 2020, 11:24:21 AM

I never think keeping a spreadsheet just to record all of my losses and winnings in gambling because it won't really change my mind and have regrets because of it. I really just wanted to gamble for entertainment or for leisure time, and i always separate all of my tax bills and other things before i gamble, so i don't worry nothing even i lose.

I never thought of it too. I'm not conservative with my losses and if I win, I just celebrate it alone and not listing it to any spreadsheet or even a blank notepad.
The losses that I'm making as I gamble, don't matter to me and it's not needed to be recorded so there's no actual record that I must do.

Keeping spreadsheet of your winnings or losses will give you a headache because you will see that you will have more losses than winnings. Grin

I am more than positive, very few gamblers are doing this task as it will add more stress to them but if you really want to see where you spent your money, this is a good one to track your expenses especially in gambling. Maybe if you see the real picture of your gambling habit, it would be easy for you to change your lifestyle.

Janation

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Quote from: Best Dreams on March 04, 2020, 03:50:45 AM

Quote from: Janation on February 28, 2020, 09:31:59 PM

I do save some of them but that is just when I am using my money, I don't use my cryptos most of the time just to save them.

I am also doing that for the sake of the losses so I could stay track of it though I am not doing that for 2 months now since I've been busy with thr OTs in my job. Another thing is that if the government do not know my wins and I just say that I lost a lot, I would not have a problem. That is something taught by us by our taxation teacher.

So your taxation teacher is teaching you corruption. As a nation and great citizen, you shall not hide your assets or gambling profits. Well just to evaluate yourself and your strategies of gambling, it is always recommended to keep track of your losses and rewards. There is no other way than this to assess yourself.

Corruption? Are you kidding me?

So you want cryptocurrencies to be taxed? Are you kidding me? That is the usual reason why a lot of people are using cryptocurrencies because it is not being taxed. Anonymity is the reason I am using it, and you want me to not hide my assets and gambling profits? If I am corrupting then I think you are, we all are since you are not paying for those Bitcoin and cryptocurrencies you've earned here.

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Quote from: Wintersoldier on March 05, 2020, 11:24:21 AM

I never think keeping a spreadsheet just to record all of my losses and winnings in gambling because it won't really change my mind and have regrets because of it. I really just wanted to gamble for entertainment or for leisure time, and i always separate all of my tax bills and other things before i gamble, so i don't worry nothing even i lose.

I never thought of it too. I'm not conservative with my losses and if I win, I just celebrate it alone and not listing it to any spreadsheet or even a blank notepad.
The losses that I'm making as I gamble, don't matter to me and it's not needed to be recorded so there's no actual record that I must do.

Wintersoldier

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I never think keeping a spreadsheet just to record all of my losses and winnings in gambling because it won't really change my mind and have regrets because of it. I really just wanted to gamble for entertainment or for leisure time, and i always separate all of my tax bills and other things before i gamble, so i don't worry nothing even i lose.

South Park

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Quote from: dunfida on March 01, 2020, 03:50:45 PM

Quote from: South Park on March 01, 2020, 12:15:57 PM

In my opinion it is imperative and a must to keep track of all the money you spend regardless of the reason, this is the only effective way to create a budget and begin to save and time later to begin to invest, I know that for some this is going to take away some of the fun of the games as you are treating now one of your hobbies in such a way but it is necessary, besides as soon as you begin to spend more money than in the past you will notice immediately and this will help you to reduce your gambling expenses.

Not really making any sense if you do tally in regards to expenses or on the money you had spent towards gambling.If you are aiming for investment then better focus into this field
rather than considering or including gambling into your list.

In some circumstances if it do already involves taxation then you wont have any choice but to tally it up but its my first time to hear that someone is being required to include
your gambling expenses towards on your tax matters?

That is not what I am saying, what I am saying is that since gambling is an expense we need to keep track of it no matter what and do it in the same way we keep track of other expenses and as such once you do that you will have for the first time a clear idea of how much money you are actually using for gambling, and once you do that then you will be able to establish a budget for your gambling activities and if you have the inclination you could use the money you have left to invest in this market.

carriebee

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Definitely no, it will reminds me of how much I lose when I'm into gambling. It does not comes in my mind to create record to track all of my wins and losses even for tax purposes. Well, we have different behavior when it comes to gambling. Some being cautious every detail must be recorded.

Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? - page 4. (Read 1622 times)