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

[Timelord2067]

Not on my wins and or losses, but it did strike me about six weeks ago just how much money some of the signature campaigns are paying out per post, or, per week ( US$ $6 per post in one SigCamp's case).

I had been mulling over my overall tax position if I were to join such a high paying signature campaign from a purely hypothetical perspective of what do I need to keep a note of (who paid me, how much in BTC, the US$ equivalent and then the exchange rate into AUD).  It then occurred to me that instead of just thinking about joining, why don't I actually join?


Likewise from a hypothetical perspective I'm guessing you'd really need to talk to a Tax agent - the questions they will ask you are you a regular gambler and if so, do you have a set amount out of your wage devoted to gambling?  If you just go out on a Saturday night once in a while and have a small wager, then is that *just* a social thing, or, is it earnings (or losses)  (the same applies to any online Casinos or Gambling Dens)

[leea-1334]

In my case, the situation is a bit complex. Here in India, gambling (both online and offline versions) is not legal. So I am showing the gambling profits in my income tax return as "gifts from abroad". That said, I normally gamble with small amounts, and cumulatively I have lost more than what I have won. I have a few low value transactions to take care of, and this helps me to stay under the radar of the tax authorities.

Same in my country, well the only legal gambling is the lottery,,, not casinos which we do not have so any type of online gambling that is not from my country is illegal. Though I have never heard of people going to jail for it. The most that happens is a house gets raided for playing poker or something;)

[panganib999]

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?

So far, I haven't done such thing of taking or keeping any records of my wins and looses on playing gambling because it will be needed to exert an effort to do such and I do not really want to take note of those because what will I do on it if ever I will make it? I think it serves no sense for me instead it might just trigger frustration on me seeing how much money I got loss than wins. I am just keeping myself aware and limiting my budget on playing gambling to avoid loosing so much money. I think by that way, it will enough to monitor if I am still playing on my limitations. Also, I just tend to enjoy playing that is why I do not mind to keep on track with my wins and looses to avoid frustrations if ever I have more looses than wins.

[Gyfts]

I highly doubt most people that gamble Bitcoin are going to keep track of their wins/losses. Not supporting tax evasion but honestly, who is meticulous enough to log each deposit and each withdrawal and then track how much their profits or losses are. If you cash out your cryptocurrency into fiat, then in that case, paying taxes are easy to calculate and are unavoidable if you do it on an official exchange with KYC. The IRS can't enforce Bitcoin casino deposits with almost all of them being based out of Curacao.

[TheUltraElite]

I highly doubt most people that gamble Bitcoin are going to keep track of their wins/losses.

They dont, that is why they are gamblers. If they did that then the losses would become too evident in front of their eyes.

Not supporting tax evasion but honestly, who is meticulous enough to log each deposit and each withdrawal and then track how much their profits or losses are.

Sports betting, spot traders and similar other risk-reward schemes. They need to keep track of what is happening and how much they are losing vs winning. They come under that group is not that charged up like addicted gamblers but wise enough to assess their situation.

If you cash out your cryptocurrency into fiat, then in that case, paying taxes are easy to calculate and are unavoidable if you do it on an official exchange with KYC. The IRS can't enforce Bitcoin casino deposits with almost all of them being based out of Curacao.

By all means, do pay taxes if you are cashing out or not based on local rules about bitcoin and gambling related income. Also use a wallet in between sending from the casino wallet to exchange wallet because sending directly only increases the risk.

[onrise]

In my case, the situation is a bit complex. Here in India, gambling (both online and offline versions) is not legal. So I am showing the gambling profits in my income tax return as "gifts from abroad". That said, I normally gamble with small amounts, and cumulatively I have lost more than what I have won. I have a few low value transactions to take care of, and this helps me to stay under the radar of the tax authorities.

I have never kept a record of my gambling profits or losses for tax purpose the reason is the same as yours. There is only one option and that is showing them as gift from friends. Now since the band has been lifted you have to show them as profits as exchange will not be processing payments using P2P service.

I do keep it and better to keep because at the end of the month and year you should be knowing how much you have spent for entertainment and if it has being loss or profit and how much approx. Also beneficial for the tax purposes and if gambling on the sites then you might get the data directly if the sites maintains the history of activities and bets.

[FontSeli]

I highly doubt most people that gamble Bitcoin are going to keep track of their wins/losses. Not supporting tax evasion but honestly, who is meticulous enough to log each deposit and each withdrawal and then track how much their profits or losses are. If you cash out your cryptocurrency into fiat, then in that case, paying taxes are easy to calculate and are unavoidable if you do it on an official exchange with KYC. The IRS can't enforce Bitcoin casino deposits with almost all of them being based out of Curacao.

In my country, this is very easy to deal with. All earnings in cryptocurrencies that I make by investing in new projects, trading on exchanges, gambling - are not taxed if I withdraw cryptocurrencies to Fiat on specialized exchanges located in my country. This became possible after the legalization of cryptocurrencies at the legislative level.

[aioc]

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've never thought of that and I guess I am not going to do that, it's quite depressing to know that you lost a lot compared to what you've won, I feel that my losses are higher than my losses and I don't want to know the exact figure, I just want to play and forget my winnings and my losses.

[MCobian]

Right now I play gambling not as a job, I do gambling for fun. So I did not make a spreadsheet of my gambling results. Actually I have
thought about making a spreadsheet for the gambling results that I have done. But not for the purpose of paying taxes,but to judge my
own ability in playing gambling. By making a spreadsheet I can find out the amount of profit or loss as long as I play gambling.

[carlisle1]

Right now I play gambling not as a job, I do gambling for fun. So I did not make a spreadsheet of my gambling results.

and that is sucks having sheet?that is for addict in which has no control over their addiction thats why they need some mind blower.

Actually I have
thought about making a spreadsheet for the gambling results that I have done.

seriously?have you?or just another nonsense story here.

But not for the purpose of paying taxes,but to judge my
own ability in playing gambling. By making a spreadsheet I can find out the amount of profit or loss as long as I play gambling.

yeah looks like legit Lol,anyway playing for Fun but having spreadsheet?

[BitcoinTurk]

No, gambling is fun, not a way of earning for me. As it is so, I am not gambling with very high amounts of capital. I really wonder if there is anybody who created such a registry. I also know that if we assume that cryptocurrencies are being gambled, taxing cannot be done because no state can learn the source of money. Of course, this is valid when the paid gambling service does not report this information to the states. On the other hand, I do not think that anyone will record all the game records one by one. After all, gambling is risky and there is no guarantee of winnings.

[Fundamentals Of]

I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.

[Botnake]

I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.

I'm just confuse a bit on the tax matters because AFAIK, we pay tax when we make money, just like a business, we need to be in net profit for us to be required to pay taxes, in gambling, I guess most people are losing in overall, so why pay taxes on that?

[coolcoinz]

I don't because to be honest I don't pay taxes on cryptocurrency and that includes crypto gambling. My coins are not connected in any way to my identity as they weren't purchased at places that required KYC. They aren't mixed but could as well be, there's no way of linking them to me and my bank account. I also don't pay taxes on any of my cash transactions for the same reason.

[plvbob0070]

I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.

I have not even think about making a spreadsheet with my gaming activities. I don't really think that it is necessary when we don't gamble that much. We have the same thing, I don't put too much capital into gambling since I don't want to waste and risk my money. You're already lucky if you can win enough with small capital. But even some big gamblers, I bet they also don't make a spreadsheet about it.

Keeping a record is just an increase in work, so I don't really monitor it as well. It will also just bring us frustration. Monitoring my wins and losses for tax purposes doesn't really necessary for me since I have not won such a big amount of money.

[TheUltraElite]

I've never thought of that and I guess I am not going to do that, it's quite depressing to know that you lost a lot compared to what you've won, I feel that my losses are higher than my losses and I don't want to know the exact figure, I just want to play and forget my winnings and my losses.

One day you might regret some of those decisions. At least the point is to start monitoring your habits so you know where you are losing out more and in a more broader sense for tax purposes/income-expenditure purposes. It is painful too look into but similarly for a trader they have to maintain excel sheets to keep track of trades. If you wish to become a wise gambler who knows when to stop betting then you need to start charting your wins and losses.

However this is more applicable to sports betting like I have already said, which can be compared to Spot Trading being an EV+ type of risk/reward scheme.

[kayvie]

I haven't think of doing it since today. Well, even knowing that I might have a problem with documenting on banks the details if ever that I have a huge winning, it won't change the fact that the bank will probably freeze my money even if I have documents stating of where I got the money because when it comes to gambling, banks in our country will surely give you trouble.

[freedomgo]

I haven't think of doing it since today. Well, even knowing that I might have a problem with documenting on banks the details if ever that I have a huge winning, it won't change the fact that the bank will probably freeze my money even if I have documents stating of where I got the money because when it comes to gambling, banks in our country will surely give you trouble.

You can always lie actually, banks will not freeze your money without reason and they won't know that you money is coming from gambling if you will not tell them, just tell you get it from your family as remittance, actually they don't have the right to ask unless you are suspected of something illegal.

[casperBGD]

i do not keep a spreadsheet with wins and losses, think that it is not required in my country
although, i know that i do not have surplus in my gambling, usually just losses in bets made for fun

[MFahad]

I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.

Since bitcoin and crypto money is not legal (or illegal) in my country, so no one declares how much crypto they have and hence no taxes on crypto. However if i convert my crypto into fiat, then ofcourse i have to pay tax on that fiat money. For this reason there is no need for me to create spreadsheets to calculate how much i earn from gambling.