It's Tax Day, and no one knows how to file for prediction market winnings

Tax experts and accountants are struggling to advise taxpayers on how to file taxes on prediction market profits due to a "vacuum of guidance." This issue has become more urgent as platforms like Kalshi and Polymarket have seen an explosion in popularity since last year. Kalshi, with a predominantly American user base, recorded over $12 billion in monthly trade volume this past March. This lack of clarity puts millions of US residents who use these markets in a difficult position as they are obligated to report wins and losses to the IRS. The IRS, Polymarket, and Kalshi did not provide comments on the situation.