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IRS has not yet issued guidance on how to tax prediction market winnings
The US Internal Revenue Service (IRS) has not yet issued any guidance on how winnings from prediction markets such as Polymarket or Kalshi should be taxed. Experts say the lack of federal direction leaves both the reporting method and the applicable tax rate unclear for participants. Taxpayers must currently interpret existing rules on their own, creating a risk of errors and potential disputes with tax authorities.
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