Do you keep a spreadsheet for you wins and losses for tax purposes?

[o48o]

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?

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[nakamura12]

I haven't done anything like it. Even if I gamble seldomly I didn't record my loses and wins. I don't have problem with taxes because my country accepts cryptocurrency. I have read some that they record their wins and loses to determine how much they lose when using a strategy and use another strategy and see the result by comparing the first record to the new one. If you need to pay taxes then you should record it.

[jademaxsuy]

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.

[ralle14]

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.

[Hippocrypto]

I haven't done anything like it. Even if I gamble seldomly I didn't record my loses and wins. I don't have problem with taxes because my country accepts cryptocurrency. I have read some that they record their wins and loses to determine how much they lose when using a strategy and use another strategy and see the result by comparing the first record to the new one. If you need to pay taxes then you should record it.

When you're going to do that, be sure to make it consistent, because it kinda boring to have in record of several loss instead of seeing many wins. Much better if we don't record the history of it, and whether what strategy you can make in the future; still gambling gives a lucky winning results and not an assurance of 100% wins.

[dunfida]

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?

No, i not doing such thing but if you are that worried about taxation matters yet you do know that your government do have possibilities of computing those expenses and winnings then
its better to tally it up for you to avoid future problems but if i were to say, as long your government doesnt require any tally or list then i dont see a reason for you to
write up everything unless if your doing it on your own will or interest.

[JeromeTash]

The main reason i use crypto gambling platforms is to avoid the sniffy nose of Government  so keeping records of winnings and losses is useless to me. Secondly i have never connected my crypto activities to my bank account and i don't ever plan to do so. When you connect the two. That's when trouble begins.

[sunsilk]

You have a good purpose why you do that and if you think that is necessary and beneficial in your future, continue it. But as for me, I am not tracking my wins and losses. I dont think there's a need for it and its not really a practice for me.

It takes time and effort too to make one but I dont really see that I have to do it. Also, I dont want to remember my losses.

[o48o]

The main reason i use crypto gambling platforms is to avoid the sniffy nose of Government  so keeping records of winnings and losses is useless to me. Secondly i have never connected my crypto activities to my bank account and i don't ever plan to do so. When you connect the two. That's when trouble begins.

When you have enough in crypto, you will connect them. Or are you going to buy your houses with cash and hope that no one asks questions? I want to be ahead of trouble, that's all.

[shoreno]

online gambling isnt tax here on our country but im not sure if its really taxed on others  ? or maybe local/offline gambling are the ones that being tax the most  . i also dont keep track on my losses and wins but i remember it if ever i won or loose big  .  on every gambling site that you play ( online ) you have your stats , by there you can see your losses and your wins   .it didnt bother me too much to see if my stats are poor or good   . i dont gamble too much anyway , so my losses are only minimal as well as my wins  . so nothing special to keep track them  .

[maydna]

I don't make a spreadsheet to track my wins or losses because I don't use gambling for making money. If you don't want your banker to know where the money comes from, you can keep your bitcoin in your wallet. You don't have to withdraw all of your winnings and send them to your bank account. You can withdraw some money like what you did every month, so your banker will not ask about big money that arrives in your bank account. I think if you do that, your banker will be fine, and you will have more bitcoin in your wallet.

But if you still want to make a spreadsheet, you can make it one sheet and keep it for you, and that will be good for you. But I think you will need to have consistency in writing the result in that spreadsheet because sometimes, we are too lazy to write the last time result.

[leowonderful]

I personally don't do so because I don't gamble very large amounts, and the chances of an audit are exceptionally low for most people if you're in the U.S. However, it's probably a good idea to do so and you should be reporting gambling winnings and losses for taxes to be completely safe depending on where you live, of course. I suppose if you were to make a spreadsheet for this purpose, you'd be putting down the dollar value of the Bitcoin or whatever you're gambling at that exact moment and losses at the exact moment of loss.

To be entirely safe, you could always just consult an accountant. Can't hurt.

[MWesterweele]

I don't make a spreadsheet to track my wins or losses because I don't use gambling for making money. If you don't want your banker to know where the money comes from, you can keep your bitcoin in your wallet. You don't have to withdraw all of your winnings and send them to your bank account. You can withdraw some money like what you did every month, so your banker will not ask about big money that arrives in your bank account. I think if you do that, your banker will be fine, and you will have more bitcoin in your wallet.

But if you still want to make a spreadsheet, you can make it one sheet and keep it for you, and that will be good for you. But I think you will need to have consistency in writing the result in that spreadsheet because sometimes, we are too lazy to write the last time result.

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.

[Ailmand]

I mostly gamble for fun and focus less on profits. I think this will make gambling more enjoyable and less stressful if you will just enjoy it. Gambling is a good way to relieve stress after a long day work and I only do it occasionally and in my free time. 

Creating a spreadsheet is only convenient for those who are really focused on profit when gambling. That way they can monitor their finance.

[angrybirdy]

I have never done something like that,
Since I started, never in my life that I think of needing to have a spreadsheet since my country do not prohibits and there is no law that crypto is taxable.

One more thing, if you will show the bank that your money comes from gambling, isn't it be more questionable on your part? Like maybe they keep on asking you to provide more proof than usual.

[bitgolden]

As per my country's taxation system, whatever happening in my gambling activities will not be bothered by tax department but only what hit my bank account. So, gambling in cryptos will not trigger anything related to tax. I gamble in crypto and when I cash out cryptos, I do get paid in my bank account which may result in taxation when I incur some big amount.

Interestingly I asked about taxes with few of my friends who trade stocks and cryptos and it seems they also not need to worry about tax as they will get paid only after taxation. But, income tax rules may become applicable to them when they sum up into some big money.

[LbtalkL]

I have made similar thread before but I close it already because someone replied to me and he has a point. But it always depends on the person. I guess it is good for some gamblers but for others not.

From: @swogerino

If we start to register our stats we will quit gambling almost immediately because in most cases the lost amount would be more than the won amount.

[Strongkored]

I did not do that because I have never had a significant won that can be included in the taxpayers.

Does your government accept tax payments by crypto? if not, it's mean you have to exchange your crypto to fiat for pay taxes.
In my opinion there is an easier way see how much money added in your bank account after exchange crypto to fiat and that is what will be taxable.

Record win and losses in spreadsheet requires discipline and can see how much losses can affect our mentality.

[onrise]

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.

[swogerino]

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.