Do you keep a spreadsheet for you wins and losses for tax purposes? - page 5.

Best Dreams

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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.

ice098

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Quote from: Lucasgabd on March 02, 2020, 08:44:59 AM

Quote from: onrise on February 24, 2020, 12:29:23 AM

Quote from: jademaxsuy on February 23, 2020, 03:32:27 PM

You can't easily track your wins and loses if you didn't make a spreadsheet for your wins and loses but if you ask me for what purpose then I really don't know what it's purpose and in my opinion it can be used for any purposes like the post above and for taxes like you mentioned. It is very helpful in my opinion.

If possible then better to keep the spreadsheet because not only for tax purpose but also for your profit or loss at the ned of the day could be managed and known . This is very helpful for one to keep a track of their gambling activities and accordingly can plan the future course of action. This should be a good strategy to apply.

same as a trading diary/journal.

keeping track of it is mandatory if you want to study your behavior, learn with it and improve your gains in the future.

If you wanted to improve your status in trading right now, following all steps that will benefit the progress of your growing asset. In crypto holdings, the government is always separated from decentralized spending towards centralized fiat currency. There's no need for detailed information just for tax purposes. Confidentiality must be applied for this certain position.

Yamifoud

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That was pretty cool and it was really helping us individually to track our winnings and as well as to know how much we lose. But generally, it never helps us to increase our chances and recover our losses. Because for me, the more I saw my losses, the more I've got into trouble and make me not gamble anymore. It gonna be some sort of changing mind when a look into the record, that is why I don't make that one so I can just think in my mind and just counting my winning and forget about the losses I've to get.

alani123

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I wouldn't do that to be honest. Betting with crypto is hard to trace back to a real person's ID and I would guess that a government would never bother unless there's some really serious indications towards money laundering. I'd only track some gross earning if I'd wanted to cash out a big sum in FIAT but otherwise, if it's below tax limits then it'd keep it... No reason for government to know.

bitbunnny

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This is not necessary for me, at least not for the tax purposes, in my country gambling profit is not treated that way, unless we talk about really huge sums.
However, it's not a bad idea to have records on your wins and losses, at least to have the insight in the ration between these two and to be aware what is your exact position, that might open your eyes and maybe make you to change the strategy.

DoublerHunter

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This is a big no. It really is hard to take notes of your wins and losses. It does not work simply. And yes, who would do that anyway?
Maybe the best thing to do is to find an alternative way to put your wins into something like businesses. That is the best way and you would not explain anything to your banker. Nevertheless, you just have to make a few sales^ on your business's account and that is it. But remember that gambling is not a business, it was created just to have fun for us as a bettor.

Lucasgabd

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Quote from: onrise on February 24, 2020, 12:29:23 AM

Quote from: jademaxsuy on February 23, 2020, 03:32:27 PM

You can't easily track your wins and loses if you didn't make a spreadsheet for your wins and loses but if you ask me for what purpose then I really don't know what it's purpose and in my opinion it can be used for any purposes like the post above and for taxes like you mentioned. It is very helpful in my opinion.

If possible then better to keep the spreadsheet because not only for tax purpose but also for your profit or loss at the ned of the day could be managed and known . This is very helpful for one to keep a track of their gambling activities and accordingly can plan the future course of action. This should be a good strategy to apply.

same as a trading diary/journal.

keeping track of it is mandatory if you want to study your behavior, learn with it and improve your gains in the future.

coinfinger

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Quote from: Zicadis on March 01, 2020, 04:00:12 PM

That said, I have heard about people getting taxed after winning the lottery in the states? Does that mean these people can also claim tax relief if they fail to win the lottery or lose a big amount?

Makes sense but let's think like the government takes tax of what you earn but that doesn't mean if you don't earn or actually pay someone then the government would pay you tax for that, right? The government takes tax for the services and conveniences you got for the services offered by them even though it's actually the gambling site that is providing services.

Quote from: Zicadis on March 01, 2020, 04:00:12 PM

I don't think I've ever seen a country where gambling wins are considered taxable, while gambling losses are considered tax deductible?

But there are countries like where I do live, huge tax applicable just on winning from gambling and lotteries. But, no one will bother when we book losses. But with cryptos, we can gamble anonymously hence never need to worry on taxes. Also, I rarely win from gambling so taxes are not my concern so far.

michellee

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Quote from: FontSeli on March 01, 2020, 05:26:50 AM

Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

I doubt he will stop gambling after he sees how much money he win and loses because if he loses, he will try to get his money back by playing more round in gambling games. They never try to stop gambling, no matter if they lose, but the spreadsheet will help a gambler to know how much money he uses in gambling. But making a spreadsheet will give us information about the percentage of the winning and the losses that we got in gambling.

Clark05

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I did not calculate or write down my winning and my money that I lose now but before I compute it because I want to know the total I earned or I lost. But I realized once I saw the calculation is not good I have mindset that I need to play more to go back of what I've lost so right now once I lost I move on and once I play when I win Im happy and contented.

darewaller

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Quote from: FontSeli on March 01, 2020, 05:26:50 AM

Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

Exactly and this is similar to how some people manage their house budget as they will always write up how much money was spent on what and they will review it every month for example if someone notices they are spending 20% of their monthly budget in shopping, movies, etc they could easily tighten up and save more.

Similarly in gambling when you have a record of how much you are loosing it gives you control over gambling and another thing to note is how much time you are spending into gambling because not just money but the time spent on gambling and other entertainment activities needs to be monitored and hence controlled. For someone who doesn't keep a spreadsheet of their losses they cannot control their addiction let alone the tax purposes and other aspects.

FlightyPouch

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I am not doing that since I could stop and the thing is that I am addicted in the past, the problem I have with that is that it might trigger the depression I have. I am avoiding myself from sticking to that past because that is really hard for me. I gamble just because I want to, I stop because I had to, that is what I am always thinking when I am gambling.

FontSeli

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Quote from: Gheka on March 01, 2020, 07:40:50 AM

Quote from: FontSeli on March 01, 2020, 05:26:50 AM

Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

For those who play very normal and not addicted to gambling, they also often do not store data on spreadsheets, so expect a gambling addict to be able to store their achievements on a spreadsheet, that would definitely not be possible when they were lacking in awareness and alert when engaging in gambling, they will never stop gambling with this method, if this method can be successfully implemented, the number of gambling addicts has decreased significantly. Another reason for not storing on a spreadsheet is that countries seem to be putting gambling on the blacklist, gambling is against the law and no one who wants to store materials can bring them to prison

This is everyone's business. Personally, I would recommend running a spreadsheet to see your results from all gambling games. It is also useful for people to realize how much money they are losing. I would not worry about the fact that your tables will be available to the authorities, there is no need to write specific names, game names, etc. and then no one will know what expenses and income you are counting.

Quote from: Blackdeath on March 01, 2020, 07:48:33 AM

Keeping a record of all of your losses and winnings in gambling will definitely make a gambler sobs and regret. Buy i don't think that will be enough to stop a gambler to stay away from gambling because he will still tempts to play no matter what happens as long he finds gambling as a hobby and makes him greedy.

If a person is only at the initial stage of attachment to gambling, then seeing how much money he loses in a week/month/year and comparing what useful things he could spend them on is a good cure for attachment. If a person has a serious addiction to gambling, then of course a simple calculation will not stop him.

Zicadis

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Dump it!!!

I don't think I've ever seen a country where gambling wins are considered taxable, while gambling losses are considered tax deductible?

That said, I have heard about people getting taxed after winning the lottery in the states? Does that mean these people can also claim tax relief if they fail to win the lottery or lose a big amount?

Seems only fair.

In any case, I don't bother keeping track because I only wager small amounts, so even if I add it all up the delta between wins and losses would be so small its not even worth the time and effort.

dunfida

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

Quote from: Reatim on February 26, 2020, 10:58:38 AM

If i am a active gambler?for sure i will create my own ledger like what i am doing in our budgeting and records.

because this will prove how responsible gamblers are we and how we manage life accurately.because in gambling we just did not realized how much amount we are spending because all we know is enjoying and not aware we are above the budget for betting.

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?

South Park

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Quote from: Reatim on February 26, 2020, 10:58:38 AM

If i am a active gambler?for sure i will create my own ledger like what i am doing in our budgeting and records.

because this will prove how responsible gamblers are we and how we manage life accurately.because in gambling we just did not realized how much amount we are spending because all we know is enjoying and not aware we are above the budget for betting.

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.

Tipstar

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My government doesn't charges me any tax when I'm playing in casinos overseas. There's a limit on how much I can take with me while going aboard and they look at the source of money when I bring them back. As I'm using digital tokens that are not money, it doesn't count as the money I'm taking aboard as I'm not going aboard but still gambling in casinos overseas and not brining that money back home. So, there are no taxes to be paid.

Blackdeath

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Quote from: FontSeli on March 01, 2020, 05:26:50 AM

Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

Keeping a record of all of your losses and winnings in gambling will definitely make a gambler sobs and regret. Buy i don't think that will be enough to stop a gambler to stay away from gambling because he will still tempts to play no matter what happens as long he finds gambling as a hobby and makes him greedy.

Gheka

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Quote from: FontSeli on March 01, 2020, 05:26:50 AM

Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

For those who play very normal and not addicted to gambling, they also often do not store data on spreadsheets, so expect a gambling addict to be able to store their achievements on a spreadsheet, that would definitely not be possible when they were lacking in awareness and alert when engaging in gambling, they will never stop gambling with this method, if this method can be successfully implemented, the number of gambling addicts has decreased significantly. Another reason for not storing on a spreadsheet is that countries seem to be putting gambling on the blacklist, gambling is against the law and no one who wants to store materials can bring them to prison

FontSeli

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Quote from: mbakruroh on February 29, 2020, 06:36:05 AM

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? - page 5. (Read 1608 times)