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

[Saisher]

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 would not even think of that we file income tax because it's a source of our income, we should never treat gambling as a source of income, because you cannot guaranty that you will always win and this will put you in big trouble with the tax officer, and besides some tax bureau will not include that, unless you are a gambling operator.

[abel1337]

I really don't get the sense of making a spreadsheet for the winnings and losses for the sake of tax, Listing your winnings or losses can make you realize different things and most of the things you will possibly realize will have a negative impact to your gambling experience.

If we gamble online using cryptocurrency, I don't think we need to compute our taxes for the sake of banks. I understand that the bank will think about where did you get the money you have but having a spreadsheet for the winnings and losses on gambling will make the situation worst, especially if the bank is a hater of cryptocurrency.

I personally don't have spreadsheet to track my winnings and losses because it will certainly upset me and make my gambling experience worst.

[White Christmas]

I really don't get the sense of making a spreadsheet for the winnings and losses for the sake of tax, Listing your winnings or losses can make you realize different things and most of the things you will possibly realize will have a negative impact to your gambling experience.

If we gamble online using cryptocurrency, I don't think we need to compute our taxes for the sake of banks. I understand that the bank will think about where did you get the money you have but having a spreadsheet for the winnings and losses on gambling will make the situation worst, especially if the bank is a hater of cryptocurrency.

I personally don't have spreadsheet to track my winnings and losses because it will certainly upset me and make my gambling experience worst.

To be honest it doesn't makes sense on making the spreadsheet of your winnings and losses even though the banks required it because it will just make you realized that you have been lose all the time because if you compute your losses I am sure it is more than the things that you have already won. So it would be better if you will not just compute and make a spreadsheet about your income or losses in gambling because it might really have a negative impact especially when you are currently still playing until now.

[FontSeli]

If you have a history or spreadsheet to calculate losses and losses experienced. That's just for yourself, so you see how much you spend on gambling and how much you have won. For me, I have never done that, as long as I have money. Then I will try to play gambling to get the victory. And for taxes, in gambling there is no tax that I spend.

Usually, many countries have a tax on gambling winnings, so I would recommend that you check this in your country. The penalties for non-payment of taxes are quite serious, so it is better to double-check everything once again.

[Ailurophile]

I really don't get the sense of making a spreadsheet for the winnings and losses for the sake of tax, Listing your winnings or losses can make you realize different things and most of the things you will possibly realize will have a negative impact to your gambling experience.

If we gamble online using cryptocurrency, I don't think we need to compute our taxes for the sake of banks. I understand that the bank will think about where did you get the money you have but having a spreadsheet for the winnings and losses on gambling will make the situation worst, especially if the bank is a hater of cryptocurrency.

I personally don't have spreadsheet to track my winnings and losses because it will certainly upset me and make my gambling experience worst.

It was also what I was thinking I don't really want to keep track of my gambling games.
Most of the time I would lose all of the money that I have deposit so I don't want to record it so it doesn't make any sense at all.

[janggernaut]

Since i only gamble sometimes , i don't need any sheet to summarize about my win and lose. I just let ut go whatever the result, if i won , i will stop and if i lose, i will stop too. But it seems OP is often to bet big so it's affect with his tax report

[Chrystora123]

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 am not a big gambler (gambling with capital above $ 7k), I am only a gambler with small capital so I think there is no point in record my wins and losses, and my country only taxes if the person has income above $ 5k / month..  I think only a small proportion of gamblers record their wins and losses.

[livingfree]

But it seems OP is often to bet big so it's affect with his tax report

He is maybe making a lot with it and that's why he has thinking about the tax. He has a clear vision why he's doing that but many here doesn't do that and if it's the declaration of tax, before continuing and telling that you have earned your money there.

Know your laws if online gambling is allowed in your country.

[butcherme]

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 don't do that kind of thing. I gamble seldomly but i never track or record my losses and wins.
For me you will be having negative impact if you track it. Because what will you do if you lose? You will be encourage to gamble more to regain what you've lose.

[ShowOff]

Since i only gamble sometimes , i don't need any sheet to summarize about my win and lose. I just let ut go whatever the result, if i won , i will stop and if i lose, i will stop too. But it seems OP is often to bet big so it's affect with his tax report

Taxes may be important if your country legalizes gambling and gambling houses, but what are the benefits of documenting winning and losing in gambling activities if not because of financial controls.

Now many people like online gambling games because they want to play anonymously and are unknown to others including the government through identity. Crypto gambling site has provided facilities anonymously and it doesnt make sense for me to tell the government if I pay taxes on gambling wins because when gamblers lose nobody cares or guarantees gamblers. So whats the point of telling the government to pay taxes on gambling wins?

[Janation]

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.

[Gladiator25]

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?

In my case, I didn't keep a track of records for my wins and losses. Except for the reason that I don't often play gamble, for me, listing records for wins or losses is just a waste of time. You will know for yourself if you are winning the game or losses without jotting down your records. The advantage of listing the records is that you can monitor, how much money you've spent in the game.

[harizen]

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?

Do you mean from gambling site > crypto exchange > bank? Generally, your crypto earnings will not be subject to tax*.

First of all, exchanges, in most of the cases do have terms about funds came from gambling. You should not mention those if that's prohibited. Fortunately, crypto exchanges can't track easily if those funds came from gambling sites. So if ever there's a question, just say it came from your freelance or trading activity.

Now with the banks, they are really strict for the account that suddenly received a big funds. It will trigger the alarm and that's normal. If there's a question, just do the same thing I have mentioned above. After all, your bank will negotiate with the crypto-exchange where the funds came from.

Anyways, my statement can't be applied generally to all since different countries have different legal views regarding the use of bitcoin. In my country, no doubt a crypto-friendly so somehow that problem of yours isn't really a problem here. But as much as possible, I stay away from bank transfers during withdrawals even they are the most convenient method when cashing out a decent amount.

[Upgrade00]

I have not tried this at all, but if you usually use a be wallet address for funding and deposits (taking your profit) you would be able to track your winnings on it by checking all the transactions, it would be of course better if you only use that address for gambling related purposes.

Taxation of bitcoin is not yet a topic of discussion in my country, but if one won a very huge amount of money, it would raise some eyebrows when it's being converted to fiat currencies.

Crypto gambling site has provided facilities anonymously and it doesnt make sense for me to tell the government if I pay taxes on gambling wins because when gamblers lose nobody cares or guarantees gamblers. So whats the point of telling the government to pay taxes on gambling wins?

I think OP was not discussing the taxes on gambling wins, but those made with Bitcoin in countries when Bitcoin is a taxed commodity. A huge win in Bitcoin would be a little bit of a trouble to convert especially when you've not converted such an amount before.

[mich]

I have never done this before and dont know if its true that we can get tax cuts from gambling loses.
For tax purposes its only if a CRYPTO trans is done that I must report to my taxes

[ReiMomo]

I have never done this before and dont know if its true that we can get tax cuts from gambling loses.
For tax purposes its only if a CRYPTO trans is done that I must report to my taxes

Correct, I dont see any necessary thing to have a spreadsheet for tax purposes. Once it will transfer into your main wallet, that is a perfect time to save for the tax purpose if needed. The negative side of making a spreadsheet in gambling is maybe when you know how much your losses and maybe you will become frustrated and more chase your losses.

[mbakruroh]

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.

[Mumbeeptind1963]

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.

Of course not, why would I do that,  as far as I know there is not tax in gambilng in online, so for me there's no reason to pay a tax because no government involve to it. I do spreadsheet  for my wins and loses but not for tax purposes but only for monitoring. Spreadsheet is one way to you to know if your too much loses encounter, also if they record all their wins and loses it helps to players to limiting themselves once they experince huge loses.

[FontSeli]

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.

[Gheka]

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