You dont need to keep tracks because crypto gambling are anonymous, if it uses peer to peer transaction. Also some gambling sites doesn't ask for personal info like email or KYC. My recommendations are: Luckydice, Kawbet and OneHash.
You just have to use those when you gamble that way you'll be off the hook and before overthinking things, does your country have laws regarding taxing crypto earnings ?
Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? - page 7. (Read 1544 times)
February 27, 2020, 08:46:50 AM
February 27, 2020, 08:07:38 AM
The only record I have when I'm gambling is the record on the website I am playing in. I don't really tally my losses nor wins and not even for tax purposes since crypto earnings are not taxed here in my country. I only track my losses and earnings just by my profile nothing at all
February 27, 2020, 07:52:43 AM
I never make any document of my gamble activities
Here in my country we need to declare our cryptos, but we don't need (yet) to inform the origin of cryptos
Same here, it's kinda weird for the government/bank there that you will need to record even your losses and wins in gambling and especially even using cryptocurrency such as Bitcoin.Here in my country we need to declare our cryptos, but we don't need (yet) to inform the origin of cryptos
It's really depends on jurisdiction of every country. But I think even it is not required by the government of banks, it is still useful just for personal records and also it will help to assess your gambling activities.
February 26, 2020, 01:26:16 PM
I never make any document of my gamble activities
Here in my country we need to declare our cryptos, but we don't need (yet) to inform the origin of cryptos
I gamble in small amounts of money and never gained a substancial prize, one day, IF i win, I'll have to look how to declare to be totally legal, but otherwise I'm just having fun giving money to the house
Here in my country we need to declare our cryptos, but we don't need (yet) to inform the origin of cryptos
I gamble in small amounts of money and never gained a substancial prize, one day, IF i win, I'll have to look how to declare to be totally legal, but otherwise I'm just having fun giving money to the house
February 26, 2020, 01:09:36 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.
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 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 don't record my wins or losses on gambling sites because I don't spend/win large amounts. But when trading on exchanges, I necessarily save all my trading operations, as well as information from which wallets I deposited funds to the exchange and to which I withdrew. This is necessary not only for paying taxes, but also for some exchanges that make sure that your money is clean.
February 26, 2020, 12:11:43 PM
In Past i try recording my Gambling expenses and winnings,i remember that my wins are much more than my losses so i am pushed to play even more by chances.but as time goes by?the luck starts to fade and in years i find it always lose so i stopped the records and just play whenever i want as i have also learn how to control my emotions in gambling.
now i can say that there is no need for sheet instead what we need is our own self being managed and controlled.
now i can say that there is no need for sheet instead what we need is our own self being managed and controlled.
February 26, 2020, 11:58:38 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.
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.
February 26, 2020, 11:35:37 AM
No I am not.
Our country remains neutral when it comes to cryptocurrency. I also don't know if they know that there is this kind of activity on it. For now, keeping my losses in a spreadsheet is not needed due to this reason.
Maybe one day if the government will implement the law regarding the addition of tax for the income of crypto gambling, I might do it.
Me too i will not keep my spreadsheet on my winnings and losses for tax purposes because as of now and my country gambling with a involved of cryptocurrency is not prohibited under you are just remain neutral about it actually my country doesn't have any tax payment about gambling or they are not implementing on taxes on the money that we have winning on the cryptocurrency gambling but just like as you if our country will implement some law about paying taxes on the amount of winning of a gambler then probably i will keep my spreadsheet of winning and losing. Our country remains neutral when it comes to cryptocurrency. I also don't know if they know that there is this kind of activity on it. For now, keeping my losses in a spreadsheet is not needed due to this reason.
Maybe one day if the government will implement the law regarding the addition of tax for the income of crypto gambling, I might do it.
February 26, 2020, 11:24:54 AM
No I am not.
Our country remains neutral when it comes to cryptocurrency. I also don't know if they know that there is this kind of activity on it. For now, keeping my losses in a spreadsheet is not needed due to this reason.
Maybe one day if the government will implement the law regarding the addition of tax for the income of crypto gambling, I might do it.
Our country remains neutral when it comes to cryptocurrency. I also don't know if they know that there is this kind of activity on it. For now, keeping my losses in a spreadsheet is not needed due to this reason.
Maybe one day if the government will implement the law regarding the addition of tax for the income of crypto gambling, I might do it.
February 25, 2020, 11:34:11 PM
Eh? I don't lol. Overall I'm in loss so if they want to deduct tax, they should get negative tax and offer me money lol xD because that's how it should be as if they want a part of my winnings then they should share loss with me too haha more like a rakeback. In general I don't keep a record because it's too much of a head burden.
February 25, 2020, 10:22:30 PM
I don't track my bets since I feel like its too much of an effort and my total winnings are still small if its for taxing purposes. I've seen other gamblers specifically those who gamble on sports saying tracking bets in a spreadsheet helps them be more aware and cautious of their bet placements. I'm thinking of trying it in the future once i'm able to start or build a decent bankroll.
Well it’s good that you have a tracker of your winnings and losses if incase you’ll need it in the future but for me, having a spreadsheet or tracker can stress me out especially when reviewing it, the data shows you have more loss than wins and it will make you realize you are spending more instead of getting more. Anyways, if you have a very big win then don’t place it in one bank account to avoid questions you can divide it into different account or digital wallet.
When we can feel okay with the win or lose, having a spreadsheet about the result in the gambling will be good, so we can track down how much money we already used to gamble. That's kind of reminder to us that if we see the loss is too big than the winning, we can reduce the money which we use to gamble, and we can put that money for another thing. But if we cannot calm down when we see the spreadsheet, and we want to come back in the gambling games just to try to win back the lost, I am afraid that can attract us to use more money. We can lose control of ourselves if we want to get the money back in gambling.
February 25, 2020, 09:52:19 PM
I don't track my bets since I feel like its too much of an effort and my total winnings are still small if its for taxing purposes. I've seen other gamblers specifically those who gamble on sports saying tracking bets in a spreadsheet helps them be more aware and cautious of their bet placements. I'm thinking of trying it in the future once i'm able to start or build a decent bankroll.
Well it’s good that you have a tracker of your winnings and losses if incase you’ll need it in the future but for me, having a spreadsheet or tracker can stress me out especially when reviewing it, the data shows you have more loss than wins and it will make you realize you are spending more instead of getting more. Anyways, if you have a very big win then don’t place it in one bank account to avoid questions you can divide it into different account or digital wallet.
February 25, 2020, 07:30:46 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.
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 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?
Question is what if you are not winning but losing, will you still keep your record when this has no bearing when you file an income tax, since you are not gaining anything here, it's a bad idea to include gambling as a source of income when in fact it is not a steady source of income.
February 25, 2020, 07:06:36 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.
Don't know what's the regulation on your country about crypto but no need to be literally honest about where your funds came from when asked by your banker. In my knowledge, your gambling profits will go through a crypto exchange first before withdrawing it on your own bank. I'm sure banks there are already aware of crypto and if they see that your funds came from a legit exchange, it will not be questioned. Or if they asked about it, then just say you get it through trades or freelance works. We are already being taxed in crypto exchanges because of fees. The government will not ask for any taxes to our funds unless crypto there in your area is regulated as legal currency working like a fiat.
For listing my wins losses, I did this before but not because of tax purposes. I did it just to have a reference on myfinancial progress doing gambling.
February 25, 2020, 06:51:11 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.
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?
How do you know which tax laws apply to crypto gambling in your country?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?
It's still very new and I think most of countries don't have specific laws for crypto gambling. So it's the laws for crypto taxation or gambling taxation you should apply?
February 25, 2020, 06:21:09 PM
This used to be my concern for about a few years of gambling but knowing that I frequent on online cryptocurrency gambling sites, I stopped since there are no known and definite regulation of crypto gains here in the country I'm staying in. I, however keep tabs on my crypto trading ventures more than my gambling habits if ever the tax dept questions where am I getting my eztra income in the future. Besides, I only won once with a substantial amount so I guess the little wins I get every weekend doesn't even matter.
February 25, 2020, 06:14:54 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.
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 do keep track of my wins and losses, but I do not do it for tax purposes, I keep track just to have a very clear idea of how I am doing when I gamble and to never spend more than what I am willing to lose, as you may guess I am losing some money but not much since I am close to breaking even, my favourite game is poker and even if am not good at all I try to play only against people of my level and that even things out so my losses are kind of small. 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?
February 25, 2020, 06:13:05 PM
I think for someone who's making a living with gambling needs to do this. He can track all of his losses and how much does he have to recover within the day.
I don't have to do this because I don't want to and there's no need for me to track everything that I can. For big bettors, this might be one of their practices to monitor their progress.
I don't have to do this because I don't want to and there's no need for me to track everything that I can. For big bettors, this might be one of their practices to monitor their progress.
February 25, 2020, 06:03:42 PM
It's very crucial to talk on tax issues, personally I am not aware if I am required to pay tax or not, but I believe as long as I don't receive a letter from the tax collector, I am not liable to pay any tax out from my income in sports gambling. I do gamble anonymously, so that would mean they'll not be able to track if I win or not since most of the gambling sites that I am playing with are operating outside in our country.
Same scenario on my case which im not really that too worried when it comes to taxation matter into my gambling profits.So far my government doesnt still imply or do have laws on taxation so i dont make any tallies or list on my gambling activity.
If they do start on asking or implementing it up then that might be the time i will make up some spreadsheet.
We dont have any choice but to comply if you dont like to be charged up with penalties.
February 25, 2020, 06:02:23 PM
I do not track or list my activities on gambling. It is quite tiring if I have to list my winnings and keep a record on it on excel. I am kinda lazy when it comes to recording stuff, and besides, I always convert my cryptocurrency winnings to fiat cash or invest it to another altcoin in hoping to get profit from that trades.
Aside from that our country has not yet finalized its regulation about taxing cryptocurrency so I think all the winnings during the time when taxation on cryptocurrency is not yet implemented is exempted from taxes.
Aside from that our country has not yet finalized its regulation about taxing cryptocurrency so I think all the winnings during the time when taxation on cryptocurrency is not yet implemented is exempted from taxes.
Same here, we don't have any tax law yet regarding crypto gambling. And since I am playing in online websites anonymously, how can they track my winnings in case we have regulations here. Remember, most of the online casinos here don't require KYC especially if you are a low roller so tracking your winnings would be too tough. And on a personal note, I don't track my winnings or losses, it will be another headache for me.
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