Do you keep a spreadsheet for you wins and losses for tax purposes? - page 8.

imstillthebest

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Quote from: Zeke_23 on February 25, 2020, 09:55:15 AM

No, because there is no tax regulation for cryptocurrency in our country. But in real life gambling, we have this law that we should report all gambling winnings since it is taxable.
The reason why I don't keep a record is because I hate tracking my gameplay especially my losses. I have the feeling that if I keep it on a spreadsheet, I might chase my losses and that will make me more addicted to gambling.

but you said offline gambling is taxable . and if its taxable we should record our gambling earning first before we pay our tax ? gee i dont know that this is how taxing/taxation work . i havent have an idea with it because i never payed my own tax but i think my tax were been payed automatically before when i still have my own office job . just keep in mind that your only recording your wins or losses on gambling because of the tax and not because you wanted to chase your losses so that it cant fcked you up .

serjent05

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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.

Zeke_23

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No, because there is no tax regulation for cryptocurrency in our country. But in real life gambling, we have this law that we should report all gambling winnings since it is taxable.
The reason why I don't keep a record is because I hate tracking my gameplay especially my losses. I have the feeling that if I keep it on a spreadsheet, I might chase my losses and that will make me more addicted to gambling.

bering

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I never done it before because there is no taxed from gambling income in my country so whether it lost or win people never asked how much money they spend in gambling and for tax purposes even if i made a spreadsheet for my gambling journey then i'm sure my losses was pretty much higher than my winning

virasog

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Quote from: JohnBitCo on February 24, 2020, 04:23:35 AM

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.

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?

Why would you do that unless you are living in a country where gambling is legal and you are getting money directly in your bank accounts. If you gamble online and store your money in crypto, no government will be able to know that you posses any assets. If you need to cash out in local currency, do not do it all at once. Try to cash our slowly and in small amounts and you will be save. You do not have to declare in your tax returns that you are a gambler. Wink

This may be unfair if you do not pay the taxes form whatever source you earn money and gambling is no different. I do no keep spreadsheets and all these stuff but whatever is the final winnings from the gambling after a month, I do add them in my earnings and pay the tax honestly.
I do understand that this may varies from region to region but apparently we should all pay the taxes.

stadus

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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.

Yatsan

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Quote from: xvids on February 25, 2020, 01:42:38 AM

No I don't like to keep track of my bets and games,
The last time I did it just makes me regret it when I saw how much I lost on gambling,
If I just saved it all I could have bought so many things that is useful to me right now.

Same LOL. If you will track your win and loses you will just feel bad about yourself haha, and it's really hard if you are keep losing and keep betting even though you know that it's very hard to win back your money. Let's just enjoy the game and bet without tracking those loses haha.

About the tax, I didn't even know that if you win gambling money it is still included at your tax? Thank's for the info OP

Good for me, I am just betting online and I think there's no way Government can track my money through crypto

freedomgo

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I think most of us here are not playing taxes.
Personally I am not keeping a spreadsheet for tax purposes but to only monitor my performance, that is necessary especially if you are serious with gambling but I only do it with my sports betting, crypto gambling in our country is not yet regulated, therefore there's no liability in my part.

xvids

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No I don't like to keep track of my bets and games,
The last time I did it just makes me regret it when I saw how much I lost on gambling,
If I just saved it all I could have bought so many things that is useful to me right now.

$crypto$

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It depends on us to know what is not in winning or losing gambling so you can better know which percentage you want to know it.
To be honest, I didn't do anything like that to make a sheet of my gambling record because for me it was not important, obviously I always consider the risk before playing gambling, well, there I always count my winnings if I win and don't play anymore, stop to calm my mind and don't be too ambitious if you've won big.
There is also good to win beyond reasonable then saving his money for other purposes is very good.

sheenshane

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Everyone can do this but I think it depends on you. There's nothing wrong if you make a spreadsheet and write down all your funds spent on gambling. As I said, it depends on you and which country you are, because in my part my government is not strict when it comes to taxation.

Aside from the tax purpose, you will also know or you are aware of how much fund you have been spent in gambling. But for me, all of these are consuming your time tracking down all your expenses in gambling and probably you can't move on when you find out that your losses are big then your winnings.

michellee

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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.

I think as long as you keep that bitcoin in the wallet, your banks will not know if you win the bitcoin amount from playing gambling because you don't withdraw the bitcoin into fiat. Your banker will know about your money when you send the money to your bank account, so you should tell your banker about the situation. They will investigate you from where the money, and maybe they will ask you some questions.

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

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 have to make a journal to track my wins and losses because that will no use for me. I don't play gambling more often like other people, and even I don't win some money, I feel that it is not necessary for me. But it might help some gamblers to track down the wins and the losses so they can compare the percentage of the win and the loss.

maxreish

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It's not bad to make some spreadsheets to track down our losses and wins. But for now, I don't wanna do that as I know from myself that I have huge losses than my wins. But if it has a good purpose like tax purposes then, why not? However, this spreadsheet will be a good tool for us gamblers to monitor our wins and loses. In this way, we can also make some good management for gambling. If there is a good impact, we can try to make one.

carlisle1

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I don't think this is necessary mate because taxes is our obligation so no matter how much we need to pay still it is obligatory.
and also i don't want to have a record of how much i lose same as my winning because i consider my Gambling money as risked amount that i can lose at any chances so for what that i need to have a sheet?
but anyway this is depend on our personality because there are people that loves having their funds recorded.

but i am sure,there are so very few here that doing the same thing because gamblers attitude is not for this one.

Darker45

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I am not keeping anything like this. But if I do, it will not be for tax purposes. It would be mainly for my own consumption, particularly to simply track whether I am on a positive or on a negative in my gambling hobby. Also, it is hard to keep one considering that my gambling games include offline and online games. It is easy to track online gambling expenses but it is not offline. I do cockfighting, card games, lottery at times, sports betting with friends, and so on.

robelneo

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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.

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 never crossed my mind to create a record or journal of my wins and my losses, if I do that I'm pretty sure I will be disappointed because I have more losses than my winning I will see my huge losses and my small amount of earnings after I gamble, I just move on and tried to forget my winnings and my losses, in the first place I have a good source of income for my tax income declaration I have not made a decent earnings from gambling so no profit can be derived there.

maydna

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Quote from: MWesterweele on February 23, 2020, 08:53:29 PM

Quote from: maydna on February 23, 2020, 08:07:52 PM

~snip~

I think the only used of spreadsheet is to track your loses and wins and by using spreadsheet it help sort data, arrange data easily, and calculate numerical data. But still depend to players if they do that, if they want to monitor their loses and wins then spreadsheet is the good way to used to help them.

I think they need to have calm to check the data because if they get lost in gambling, and they write in that spreadsheet, I am afraid that they can feel sad, and they will have a feeling to revenge the loss. We don't know what impact that they can get from checking the spreadsheet every time they want to see or calculate the data.

But that can also help gamblers to know how big his chance to win in gambling because he can see how many times he win and lose, so that can be a consideration to him to decide. Perhaps, after he knows his winning is not too big in gambling, he can have an answer not too often for playing gambling because that will be a waste of money.

JohnBitCo

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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.

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?

Why would you do that unless you are living in a country where gambling is legal and you are getting money directly in your bank accounts. If you gamble online and store your money in crypto, no government will be able to know that you posses any assets. If you need to cash out in local currency, do not do it all at once. Try to cash our slowly and in small amounts and you will be save. You do not have to declare in your tax returns that you are a gambler. Wink

swogerino

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I normally don’t because where I live right now no one cares at all about cryptocurrencies,they have a whole lot more problems to focus on.Also if I kept such spreadsheet I would see that I am losing more than I am winning and I would not gamble all that convinced anymore.

onrise

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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.

Topic: Do you keep a spreadsheet for you wins and losses for tax purposes? - page 8. (Read 1622 times)